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  5. Trade setup for April 17: Can NIFTY50 defend 24,100 levels on Friday? Check details

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Trade setup for April 17: Can NIFTY50 defend 24,100 levels on Friday? Check details

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By Rohan Takalkar

3 min read | Updated on April 17, 2026, 08:26 IST

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SUMMARY

The GIFT NIFTY futures indicate a flat start for Indian markets on Friday. The global market cues remain mixed, with the US markets closing in green and the Asian markets trading in red. The open interest data for the coming weekly expiry witnessed strong call concentration at the upside, indicating a limited upside.

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NIFTY50 set to open over 23 points lower on Friday. Image: Shutterstock.

Indian markets are set to open on a flat note on Friday morning amid mixed global cues. The US markets closed in green across the board as optimism around the easing tensions in the Middle East drove optimism higher among investors. Meanwhile, the Asian markets opened in the red on Friday morning as Asian investors reassessed the situation in the Strait of Hormuz which remains virtually closed.

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President Trump said Tehran has accepted terms that include abandoning ambitions of developing nuclear weapons, providing “free oil” and reopening the Strait of Hormuz.

Key triggers for today

FII buying: The foreign institutional investors maintained their buying streak in Indian equities for the second consecutive session on Thursday. Meanwhile, the domestic institutional investors sold off Indian equities worth ₹3,427. A persistent trend of FII buying into Indian equities should be closely monitored after the sharp correction.
Crude oil: The crude oil prices remained below the $100 mark this week amid strong volatility. The latest developments in the Middle East suggest easing of tensions between Iran and the US. However, the Strait of Hormuz remained virtually closed amid ongoing negotiations. Any developments regarding the reopening of the strait could ease pressure on crude oil prices.
Q4FY26 results: Among the major names, Jio Financial Services, Bajaj Consumer Care, and Aditya Birla Money will report their quarterly earnings today. Shares of Wipro will remain in focus after the company announced a buyback worth ₹15,000 crore at ₹250 per share. Additionally, shares of ICICI Bank and HDFC Bank will also remain in focus ahead of Q4 results scheduled to be announced on Saturday.

NIFTY50

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The index closed marginally lower amid profit booking at higher levels on Thursday. Despite closing in the red, the index managed to defend the 50 EMA levels of 24,189, indicating a sustained bullish momentum. The 24,500 level remains a crucial resistance for the index on the long-term daily charts, and 24,000 remains a crucial support.

OI Analysis

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The options data for 21st April expiry suggest that the index could face strong resistance around current levels. The 24,200, 24,300, 24,400 and 24,500 calls witnessed strong open interest addition, indicating strong resistance at higher levels. On the other hand, the 24,200 put option holds the highest open interest, indicating a near-term support.

To access a specially curated smartlist of the most traded and active stocks, as well as the OI gainers and losers, simply log in: https://pro.upstox.com/ ➡️F&O➡️Options smartlist/Futures smartlist In Futures and Options or F&O, long build-up means an increase in Open Interest (OI) along with a price increase, and short build-up means an increase in Open Interest(OI) along with a price decrease.

Source: Upstox and NSE.

Disclaimer: Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop losses. We do not recommend any particular stock, securities or strategies for trading. The securities quoted are exemplary and are not recommended. The stock names mentioned in this article are purely for showing how to do analysis

About The Author

WhatsApp Image 2025-01-20 at 11.25.23.jpeg
Rohan Takalkar is a senior writer at Upstox and a seasoned capital markets analyst with over 10 years of experience. He is passionate about writing on equities, global markets, and the economy.

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