Mid-market update: Can NIFTY50 close above 24,200 on expiry day? Key factors to watch out for

The NIFTY50 traded with over 150 points gain on Tuesday afternoon on the expiry day. The index oscillated between 24,080 and 24,300 till 12:30 pm as the index continued to hold on to the morning opening gains. Falling crude oil prices and the positive commentary coming out of the Middle East conflict boosted investor sentiment across the globe. The Asian markets also closed by recouping partial losses of Monday.

NIFTY50 mid-day chart check

On the technical side, the NIFTY50 continued to trade in green, but failed to cross the 20 EMA on hourly charts, indicating selling pressure on the rise. The failure to cross the 20 EMA on the hourly charts signals a mildly bearish undertone in the markets. Experts believe an hourly closing above the 20 EMA in the closing hours could help sustain the momentum till 24,500.

Options outlook

On the options data front, the latest open interest changes suggest 24,200 remains a strong resistance for today’s expiry, due to heavy open interest addition in the mid-market session. Similarly, the downside looks protected near 24,000, with the highest open interest on the downside.

Key factors to watch in today’s trade

The rest of the trading session can be influenced by multiple factors, including wild swings in crude oil prices. The crude oil prices posted a sharp reversal in the early morning session from $90 per barrel to $85 per barrel, before rising back to $90 per barrel again in the afternoon session.

Sentiments were further supported by the Indian rupee appreciating 13 paise to 92.07 against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks.

All Asian markets were trading higher; Nikkei 225 surged 1457 points or 2.76% to 54,186, Taiwan Weighted added 661 points or 2.06% to 32,771, Jakarta Composite gained 52 points or 0.71% to 7,389, Shanghai Composite strengthened 21 points or 0.52% to 4,117, KOSPI increased 283 points or 5.4% to 5,535, Hang Seng advanced 506 points or 1.99% to 25,915 and Straits Times rose 72 points or 1.52% to 4,828.

The US stock market futures traded in green across the board on Tuesday, after President Trump suggested the war with Iran could end soon. However, in the latest Truth Social post, he once again warned Iran to open the Strait of Hormuz or face severe consequences.

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