Trade setup for April 10: Can NIFTY cross 24,000 on Friday? Check details

Indian markets are set for a positive weekly closing on Friday breaking the losing streak of six consecutive weeks. The global market cues remain positive for Friday after the US markets closed in green overnight. The GIFT NIFTY futures traded 63 points higher on Friday morning amid positive Asian market cues.

What matters today

• Implied trading range: 23,400 to 24,300
• OI resistance: 24,000
• OI support: 23,000
• Structure: Sideways to bullish
• Intraday tone: Sideways to bullish

💰 Institutional intelligence

Foreign Institutional Investors (FIIs) extended their selling streak to 27 straight sessions, offloading shares worth ₹1,711 crore. However, as noted on 8 April, the intensity of selling has eased sharply over the past two sessions.

Meanwhile, in index futures, FII positioning remains largely unchanged following the recent short covering. The long-to-short ratio is still skewed at 20:80, with net open interest at -2.27 lakh contracts. What stands out is that the market’s recovery over the past five sessions has been driven primarily by short covering.

NIFTY50 chart check

The index closed lower with nearly 1% losses on Thursday, partially paring the big gap-up gains of Wednesday. Looking at the positive global market cues, the index is expected to remain in a consolidation mode with a strong resistance of 24,000 on the daily charts. The downside protection continues to remain at 23,500. With a weekly closing above 24,000, the index could engulf losses of previous two-three weeks, suggesting a strong bullish formation on long-term charts.

NIFTY options check

On the options data front, 24,000 call strikes witnessed strong open interest addition on Thursday. Alongside, 23,800 and 23,900 call stikes also witnessed open interest concerntration, indicating resistance on the higher side.

Source: Upstox and NSE.