Expiry trade setup for Sep 1: Can NIFTY50 breakout of 24,000-24,300 range on Tuesday?

GIFT NIFTY futures fell 32 points on Tuesday morning, indicating a negative opening for NIFTY50. Elevated crude oil prices would continue to remain a sentiment dampener for Indian markets today.

Brent crude oil futures edged higher above $91 per barrel on Tuesday morning as renewed hostilities between Iran and the US raise concerns about supply disruptions in the region.

The US markets closed largely in the red, except for NASDAQ 100, as elevated crude oil prices and concerns about inflation kept investors on edge. The Dow Jones fell over 370 points or 0.7%, followed by the S&P 500 at 0.33%. Meanwhile, the NASDAQ 100 closed flat with 23 points gain.

Taking cues from the overnight US market performance, the Japanese Nikkei and Korean KOSPI opened in the red on Tuesday morning. The Chinese and the Hong Kong markets fell the most, losing over 1.3%. Meanwhile, the Taiwanese markets rose over 1.4% on Tuesday morning.

NIFTY50 chart summary

NIFTY50 opened the week on a negative note, losing 95 points on Monday. The index recouped early losses and closed above the pivotal trendline support at 24,070 on the daily charts. On the other hand, the index has also failed to close above the swing high trendline resistance, creating a consolidation and range-bound setup for medium-term traders.

For short-term traders, the index continues to trade below the 20 and 50 EMAs on the hourly charts, indicating weakness in intraday momentum.

NIFTY50 open interest summary

NIFTY50 open interest data for today’s expiry indicates a rangebound trade in between 24,000 to 24,300. The 24,000 puts hold the highest open interest, indicating a strong support for NIFTY50 for todays expiry. Additionally, the 24,300 to 24,500 calls hold the strong open interest concentration, indicating a strong resistance to the upside of NIFTY50.

FII and DII data

The foreign investors collectively sold over ₹7,985 crore on Monday on the NSE, while the DIIs bought equities worth ₹ 4,588 crore. According to the NSDL data, the FIIs bought equities worth ₹29,631 crore, extending their buying spree for the second consecutive month after July. However, they continue to remain net seller in 2026 , with total equities sold worth ₹2.24 lakh crore.