Trade setup for June 30: Can NIFTY50 close above 24,200 on expiry day?

The Indian benchmark indices are expected to open in green amid mixed global market cues. The GIFT NIFTY futures traded over 40 points higher on Tuesday morning, also suggesting a positive start for NIFTY50.

Brent crude oil prices eased to $72 per barrel on Tuesday, retracing earlier advances. Market participants shifted their attention to the upcoming round of diplomatic negotiations between the US and Iran scheduled in Doha.

US markets resumed their rally on Monday, led by tech stocks. The Dow Jones advanced 0.58%. Meanwhile, the S&P 500 rallied 1.1%, and the tech-heavy NASDAQ 100 index soared over 2.2% on Monday.

Asian markets opened on a mixed note on Tuesday as the Japanese yen plunged to a 40-year low. Despite the currency volatility, sentiment in Japan remained resilient as tech stocks powered a 450-point rally in the Nikkei. In contrast, the Korean and Hong Kong benchmarks saw a flat start.

NIFTY50

The NIFTY50 opened the week on a negative note, closing over 100 points lower on Monday. The index continued to face selling pressure near the 24,200 zone for the second consecutive session. It is now poised to take the support of the 50 EMA level of 24,850. The upside remains capped near the 24,200 levels for now. However, a sustained close above the 24,200 level could revive bullish momentum in the index.

NIFTY50 open interest analysis

The current monthly expiry data for NIFTY50 indicates strong resistance at multiple levels above 24,000, with strong open interest concentration. Meanwhile 24,000 calls and puts hold the highest open interest, suggesting a make or break situation for NIFTY50 on the monthly expiry today. A sustained rally above 24,100 could also lead to short-covering, taking the NIFTY 50 above the previous swing high levels of 24,260.