Trade setup for March 12: Can NIFTY50 hold the 23,700 support level on Thursday? Check details

NIFTY50

Max call OI:24,300

Max put OI:23,500

(Ten strikes to ATM, 17 March expiry)

The NIFTY50 closed in deep red as selling pressure in the large-cap stocks from the banking and financial sector pulled the index below 24,000. The selling was largely visible in the large-cap and mid-cap indices as the small-cap index closed with minor losses for the day. The global market cues continue to remain negative on Thursday morning as the GIFT NIFTY futures plunged 133 points. The crude oil prices jumped back near $100 per barrel, due to escalated tensions in the Middle East.

On the hourly charts, the NIFTY50 failed to sustain above the hourly 20 EMA levels, which were crossed on Tuesday. The index showed a lower high, lower low pattern, indicating strong selling pressure at higher levels. As indicated previously, the 23,700 remains a very crucial support for the index, beyond which the next best support comes at the 23,500 levels.

On the options data front, the 24,300 calls hold the highest open interest, indicating a strong resistance for the 17th March expiry. On the flipside, the 23,500 puts hold the highest open interest, indicating a crucial support for the index.

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Top traded futures contracts: Reliance

Top traded options contracts: Reliance 1450 CE

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