Trade setup for April 15: Can NIFTY50 reclaim 24,000 on Wednesday? Check details

Indian markets are set to debut with a sharp gap-up opening on Wednesday morning mid positive global cues. The benchmark indices recouped the majority of the losses on Monday as buying emerged from the lower levels. The global market cues remain positive on Wednesday as reports suggest that a second round of negotiation talks between the US and Iran will take place soon in the coming days. The de-escalation measures were welcomed by investors across the globe as all the major global indices closed in green on Tuesday. The US markets closed in green for the second consecutive session on Tuesday.

What to factors to look for on Wednesday?

NIFTY50

The NIFTY50 index closed 200 points lower on Monday, recouping major losses of the intraday. As highlighted, the daily 20 EMA level of 23,500 stood as a crucial support for the index. The upside looks protected at 24,200 levels as the index failed to close above it for two consecutive sessions last week. The momentum remains bullish with a strong upside trend on the short-term hourly charts.

OI analysis

The initial build open interest buildup for the 21st April expiry suggests 23,000 to 23,500 as the major support zone for NIFTY50. The 23,400 to 23,800 puts witnessed a strong open interest addition, indicating near-term support levels for NIFTY50. On the upside, 24,000 calls hold the highest open interest, indicating a near-term block for the NIFTY50. If the index manages to hold above 24,000 levels in the opening hours, the next resistance holds at 24,300.

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