Trade setup for Feb 11: GIFT NIFTY indicates positive start on Wednesday, will it sustain?

NIFTY50

Max call OI:26,000

Max put OI:25,500

(Ten strikes to ATM, 17 Feb expiry)

NIFTY50 closed in green amid high volatility on Tuesday owing to the weekly expiry. The index gains were largely led by metal stocks after the government announced the PLI scheme for the steel sector. A strong resurgence in FII inflows, coupled with rupee appreciation, bolstered the investor sentiment. However, the FIIs sold ₹352 crore worth of equities on Tuesday.

On the technical charts, the NIFTY50 index managed to close with gains above the 25,900 levels. The chart also indicates a potential positive crossover of 20 EMA crossing 50 EMA from below, which indicates renewed momentum in the index.

On the options data front, the initial buildup for the coming weekly expiry on 17th Feb indicates 26,000 as the resistance with the highest open interest. On the flipside, the 25,500 puts held the highest open interest, indicating strong support.

Stock Scanner

Long buildup: - Eternal, Tata Steel

Short buildup: Bajaj Finance

Top traded futures contracts: BSE, Tata Steel

Top traded options contracts: Infy 1600 CE

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