Trade setup for July 07: Will NIFTY50 close above 25,500 on Monday? all you need to know

NIFTY50

Max call OI:25,500

Max put OI:25,000

NIFTY50 ended the previous week with 0.7% losses amid profit booking at the higher levels. The index gained 55 points to close near the crucial resistance zone of 25,500. Index continues to remain in a broad consolidation range of 25,300 to 25,800. Experts believe, markets are waiting for the next trigger from the trade deal side, for the next directional move in the index.

On technical charts, the index formed a hammer candlestick pattern on the daily charts, indicating some reversal from the current bearish trend in the index. 25,250 to 25,300 levels remain crucial support for the index on the downside. On the upside, the 25,650 to 25,700 levels remain a crucial resistance zone for the index. On the options data front, the 25,500 calls hold the highest open interest, indicating strong resistance for the current weekly expiry. Similarly, on the downside, the 25,000 puts hold the highest open interest, indicating crucial support.

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