Trade setup for June 29: Can NIFTY50 close above 24,200 on Monday?

Indian benchmark indices are expected to open on a flat note on Monday amid mixed global market cues. The GIFT NIFTY futures traded flat with marginal gains at 8:00 am around 24,090 levels.

Brent crude oil prices remained steady near the $72 per barrel mark, amid renewed clashes between the US and Iran in the Strait of Hormuz. Despite the clashes, the transit activity in the Strait remained resilient, keeping the oil prices under check throughout the weekend.

The US markets closed the previous week on a flat-to-negative note on Friday amid profit-booking in the chip stocks over the weekend. The Dow Jones fell 0.09%, the S&P500 lost 0.05%, and the NASDAQ 100 lost over 1%.

The Asian markets opened mixed on Monday morning, after Japanese and Korean markets opened in the red with up to 1% losses. Meanwhile, the Chinese and Hong Kong indices remained resilient with mild gains of up to 1%.

NIFTY50 charts

The NIFTY50 closed the previous week on a positive note on Thursday, amid selling pressure at higher levels. The 24,200 level continued to act as a strong resistance zone, with 24,000 as a crucial psychological support level. A sustained close above 24,200 over the coming week could revive the bullish momentum in the index.

NIFTY50 open interest

The open interest data for the coming weekly expiry indicates a strong open interest addition on the call side. The 24,500 calls hold the highest open interest, suggesting strong resistance on the upside. The 24,000 puts hold the highest open interest, indicating a strong support zone on the downside.