Trade setup for March 13: NIFTY50 down 10% from the top, what next? check details

NIFTY50

Max call OI:24,000

Max put OI:23,500

(Ten strikes to ATM,17 March expiry)

Indian equity benchmarks ended lower on Thursday as markets made a gap-down opening as crude oil prices surged, with Brent crude climbing above the crucial $100 per barrel mark, alongside renewed global trade tensions. In the afternoon session, indices trimmed some losses as traders drew support from private reports indicating that Iran would allow Indian oil tankers passage through the Strait of Hormuz.

The index witnessed a volatile session, oscillating in the range of 23,550 to 23,830. However, the index finally closed below the crucial support level of 23,700.

As highlighted previously, the index could now fill the gap between 23,000 and 23,200, signalling further downside in the coming sessions. However, traders need to monitor global market cues closely for a better assessment of the situation.

On the options data front, the 23,500 puts witnessed strong open interest addition and hold the highest open interest for the coming weekly expiry, indicating strong support for the index. On the upside, 24,000 calls hold the highest open interest, indicating strong resistance for the NIFTY50.

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Long buildup: Coal India, NTPC

Short buildup: M&M, Eicher Motors

Top traded futures contracts: Reliance

Top traded options contracts: HDFC Bank 860 CE

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