Expiry trade setup: Will NIFTY50 close above 24,000 on Tuesday? Check details

Indian markets are set to open in red on Tuesday amid weak global market cues.Owing to the weakness in Asian markets, GIFT NIFTY futures were trading 64 points lower at 7:30 am, indicating a gap-down opening for the NIFTY50 on Tuesday.

Crude oil prices remained steady on Tuesday morning, following the sharp fall on Monday. Brent crude oil futures hovered near $85 per barrel as President Trump said the US was holding talks with Iran and there was a good chance of reaching a deal.

US markets closed mixed on Monday, erasing early gains. The Dow Jones and the S&P 500 managed to close in the green, rising 0.4% and 0.05%, respectively. Meanwhile, the NASDAQ 100 plunged over 400 points from the day’s high to end 0.3% lower, amid a selloff in chip stocks.

Meanwhile, most Asian markets were trading deep in the red on Tuesday morning, amid a sharp selloff in tech stocks. The Korean KOSPI fell 8%, dragged down by SK Hynix (-10%) and Samsung (-8%). The Japanese Nikkei was down 4%, while Hong Kong’s Hang Seng was trading 0.8% higher.

NIFTY50

The NIFTY50 staged a powerful recovery on Monday, surging more than 200 points. On the hourly timeframe, the index reclaimed its 20 and 50 EMAs, signalling a shift in short-term sentiment from bearish to bullish. Nevertheless, with the monthly expiry approaching, heightened volatility could trigger swings in either direction during Tuesday's session. While the 23,800 zone continues to provide strong support, the 24,050–24,100 territory remains a resistance hurdle for bulls.

On the daily charts, the NIFTY50 successfully closed above its 50-day EMA of 23,979, signalling that buyers are slowly regaining strength. However, for a definitive trend confirmation, the index must secure a monthly close above the psychological 24,000 mark, a key level it has struggled to reclaim for four straight months ending in June.

NIFTY50 open interest analysis

Today’s monthly expiry data indicates a range-bound trade on Tuesday. The 24,200 calls hold the highest open interest, indicating strong resistance to NIFTY50 on Tuesday. On the downside, 24,000 puts hold the highest open interest, indicating strong support for NIFTY50 on Tuesday.