return to news
  1. Upstox
    /
  2. News
    /
  3. Market News
    /
  4. Trading
    /
  5. Expiry trade setup for March 10: GIFT NIFTY indicates sharp reversal, will it sustain?

Market News

Expiry trade setup for March 10: GIFT NIFTY indicates sharp reversal, will it sustain?

WhatsApp Image 2025-01-20 at 11.25.23.jpeg
By Rohan Takalkar

3 min read | Updated on March 10, 2026, 07:54 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

The NIFTY50 and SENSEX witnessed a sharp drawdown on Monday amid escalating tensions in the Middle East. However, President Trump suggested that the war is nearing completion and the Strait of Hormuz can be reopened soon for trade. The positive cues lifted the global market sentiment across the board.

Markets

NIFTY50 and SENSEX have fared much better in the recent crisis in comparison to its Asian peers.

NIFTY50

Max call OI:24,500

Max put OI:23,800

(Ten strikes to ATM, 10 March expiry)

The NIFTY50 ended with severe losses after opening with a nearly 600-point gap down on Monday. However, the last hour recovery pushed back the NIFTY50 above the 24,000 psychological support levels. The early morning cues for Tuesday suggest a positive start for NIFTY50 as the sharp reversal in the crude oil prices abated the fears of inflation. The US markets closed in green after opening in deep red. Similarly, the Asian markets have rebounded from the previous day’s lower levels and traded with sharp gains across the board.

Open FREE Demat Account within minutes!
Join now

President Trump suggested that the war in Iran is near completion and reopening the Strait of Hormuz could provide much better support to Asian economies.

The NIFTY50 opened below the April 2025 breakout level trendline support. However, the index not just managed to close above the 23,700 trendline support, but also defended the psychological support level of 24,000. In the near term, the 23,700 trendline support may provide downside protection, and resistance remains at 24,500.

Nifty50_2026-03-09_07-51-44.png

On the daily charts, the difference between the 20 EMA and the price stretched above 5% today. Historically, in such cases, the index has managed to bounce back to touch the 20 EMA over the next few sessions. In April 2025, in the aftermath of tariff announcements, the index fell by over 5% in two sessions, but bounced back by 5% in the following four trading sessions.

march10.png

On the options data front, the 24,500 calls held the highest open interest, indicating a strong resistance for the NIFTY50 for Tuesday. On the flipside, the 23,800 puts hold the highest open interest, indicating a strong support. Alongside, 24,000 puts and 23,700 puts also hold good OI concentration, indicating strong support for the downside.

Expiry outlook

Bullish outlook: Traders with bullish sentiment can execute a long call strategy by buying 24,000 calls. The strategy would turn profitable after the index moves above 24,191.
Bearish outlook: Traders with a bearish outlook can execute a long put strategy by buying a put strike of 24,100. The strategy would turn profitable after the index moves below the 23,877 level.

To access a specially curated smartlist of the most traded and active stocks, as well as the OI gainers and losers, simply visit:

https://pro.upstox.com/ --> F&O --> Options smartlist/Futures smartlist. In Futures and Options or F&O, long build-up means an increase in Open Interest (OI) along with a price increase, and short build-up means an increase in Open Interest(OI) along with a price decrease—source: Upstox and NSE.
Disclaimer: Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop losses. The information is only for consumption by the client, and such material should not be redistributed. We do not recommend any particular stock, securities or strategies for trading. The securities quoted are exemplary and are not recommended. The stock names mentioned in this article are purely for showing how to do analysis.

About The Author

WhatsApp Image 2025-01-20 at 11.25.23.jpeg
Rohan Takalkar is a senior writer at Upstox and a seasoned capital markets analyst with around 9 years of experience. He is passionate about writing on equities, global markets, and the economy.

Next Story