Trade setup for July 21: 50 EMA levels hold the key support for NIFTY50 on Monday; check details

NIFTY50

Max call OI:

Max put OI:

(Ten strikes to ATM, 24 July expiry)

NIFTY50 closed in red for the third consecutive week. The index continued its bearish stance as it closed below the crucial support levels of 25,250 and a psychological mark of 25,000. For the index to regain its bullish momentum, it needs to close above the 25,250 levels on a weekly basis.

On technical charts, the index has broken down below the key support zone of 25,000 to 25,150 levels. However, it closed near the 50-day exponential moving average (EMA), indicating crucial support for the index.

On the options data front, the 25,200 calls hold the highest open interest, indicating a strong resistance for the current expiry. Similarly, on the downside, the 24,900 puts hold the highest open interest on the downside, indicating a near-term support for the index.

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Long buildup:

Short buildup: HCL Technologies

Top traded futures contracts: Axis Bank, HDFC Bank, ICICI Bank, Kotak Bank

Top traded options contracts: SBIN 840 CE, SBIN 850 CE

F&O securities under ban: Glenmark, Hind Copper, RBL Bank

F&O securities out of the ban: