Trade setup for Aug 29: Will NIFTY50 hold the support of 24,500 on Friday?

NIFTY50

Max call OI:25,000

Max put OI:24,000

(Ten strikes to ATM, 02 Sep Expiry)

The index continued to reel under the selling pressure as investors turned cautious amid the backdrop of 50% tariff imposition on India. The index closed at the crucial level of 24,500 after falling over 200 points on Thursday. Experts believe, a weekly closing below 24,500 levels could intensify selling pressure.

On the technical front, the index closed below the 20 SMA level of 24,720, confirming the bearish trend and now eyes for the next crucial support level of 200 EMA of 24,250 on the weekly level. According to experts, a weekly close above 24,500 could help in holding a neutral trend. However, a weekly closing below 24,500 would extend the bearish trend further. )

On the options data front, the initial buildup for 02 Aug expiry suggests resistance of 25,000 with the highest open interest on the call side. On the contrary, the 24,000 puts hold the highest open interest, indicating support at these levels.

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Long buildup: -

Short buildup: - Shriram Finance, HCL Tech

Top traded futures contracts: HDFC Bank, Indigo

Top traded options contracts: SBIN 820 CE, SBIN 840 CE

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