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Trade setup for April 8: Can NIFTY50 hold the opening gains on Wednesday? Check details
4 min read | Updated on April 08, 2026, 07:59 IST
SUMMARY
The GIFT NIFTY futures indicate a sharp gap-up opening for NIFTY50 on Wednesday, owing to buoyant global market cues. The de-escalation between the US and Iran led to a 13% drop in crude oil prices on Wednesday morning.
GIFT NIFTY futures jumped over 700 points on Wednesday morning. Image: Shutterstock.
Indian benchmark indices are expected to open sharply higher inline with its Asian peers after a two week ceasefire was agreed between the US and Iran on Tuesday night.
Crude oil prices slumped over 13% after President Trump delayed after two nations agree on a ceasefire for two weeks. The Iran’s foreign minister agreed for a safe passage through Strait of Hormuz will be possible via coordination with Iran’s armed forces. Consequently, the Brent crude oil prices fell to $94 per barrel.
The US stock market futures jumped nearly 2% after the two-week pause on strikes on Iran. The Dow Jones futures rose nearly 970 points, NASDAQ futures jumped 700 points on Wednesday morning as investors cheered the news of ceasefire.
GIFT NIFTY futures indicates a sharp gap up opening on Wednesday morning, owing to positive global market cues. The Asian markets rallied over 5% on Wednesday amid sharp fall in crude oil prices.
🔎 What matters today
- Implied trading range: 22,400 to 23,800
- Initial OI resistance: 24,000
- Initial OI support: 22,000
- Structure: Rangebound
- Intraday tone: News driven volatility, weakness below 22,700
Open interest- NIFTY50
Positioning
| Trend | Tuesday | Monday |
|---|---|---|
| FIIs index short% (Futures) | 82% | 82% |
| OI (24,000 CE strike) | 38 lakh 🔼 | 18 lakh |
| OI (22,000 PE strike) | 44 lakh 🔼 | 18 lakh |
💰 Institutional intelligence
Foreign institutional investors (FIIs) have sold equities worth ₹35,121 crore so far in April, keeping the sentiment bearish. Meanwhile, in index futures, their long-to-short ratio remains unchanged at 18:82.
Net open interest of FIIs in index futures eased to -2.59 lakh contracts (-3.4%), indicating minor short covering by FIIs within a broader bearish stance.
- Resistance: 23,300
- Support: 22,200
- Call concentration: 24,000
- Put concentration: 22,000
- Bullish above: 23,300
- Bearish below: 22,500
Trend summary: 1-hour chart
Price: Above 20 and 50 EMA RSI: 63 (Bullish) ADX: 13 (Non-trending)
The index maintained the bullish momentum for the third consecutive session and closed above the 20 and 50 EMA levels. On the hourly chart, a positive bullish crossover of 20 EMA and 50 EMAs indicates positive momentum. Considering all other things as constant, a positive opening on Wednesday could push the index higher towards 23,300 levels.
On the long-term charts, 23,500 remains a crucial resistance and 22,500 as the immediate support for the index.
If–then playbook
As NIFTY50 remains below the 200 EMA, the broader trend stays bearish. Watch the crucial resistance zone closely. A bearish price action and reversal patterns could guide direction. A close above 23,850 negates the view.
Source: Upstox and NSE.
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