Trade setup for July 13: Can NIFTY50 defend 24,200 on Monday? Check details

Brent crude prices jumped over 5% on Monday morning, trading near the $79 per barrel mark following renewed US strikes on Iran. This reversal comes after President Trump announced the collapse of the ceasefire, vowing to resume military actions if maritime activity through the Strait of Hormuz is obstructed.

US stock markets closed in the green on Friday despite renewed tensions in the Middle East. Investors remained bullish on tech stocks. Additionally, they are awaiting this week's inflation data for further cues on the Federal Reserve’s policy stance.

Asian stock markets remained under pressure on Monday morning, after fresh spikes in crude oil prices and renewed tensions in the Middle East hurt investor sentiment. The Korean KOSPI plunged over 5%, followed by Japan’s Nikkei at 1.6%. Meanwhile, Hong Kong’s Hang Seng index rose nearly 1%, bucking the larger trend.

Owing to weak global market cues and a sharp rise in crude oil prices, GIFT NIFTY futures fell 190 points on Monday at 7:45 am, indicating a gap-down opening for NIFTY50.

NIFTY50 chart check

The NIFTY50 closed over 244 points higher on Friday, recouping most of the losses made in Wednesday's trading session. On the hourly charts, the index bounced back above the 20- and 50-day EMAs, indicating a positive crossover in today’s trading session.

On the daily charts, 24,500 remains a crucial resistance zone, above which the bullish momentum could accelerate further. On the flip side, Wednesday's swing low of 23,805 remains a crucial support for the NIFTY50 in the near term.

NIFTY50 OI analysis

The open interest data for tomorrow’s weekly expiry suggest that the index continues to remain in a broad range of 24,000 to 24,500. The 24,000 puts hold the highest open interest, indicating a downside support. On the flip side, the 24,500 calls hold the highest open interest, indicating a strong resistance on the upside.

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