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Trade setup for March 17: Can NIFTY50 sustain above 23,400 on expiry day?

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By Rohan Takalkar

3 min read | Updated on March 17, 2026, 07:59 IST

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SUMMARY

GIFT NIFTY futures indicate a positive start for NIFTY50 on the expiry day. The options data for today's expiry shows heavy put concentration and open interest addition near the 23,000 levels, indicating strong support around those levels.

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GIFT NIFTY futures indicate a positive opening for NIFTY50 on Tuesday morning. Image:Shutterstock.

NIFTY50

Max call OI:23,000

Max put OI:24,000

(Ten strikes to ATM, 17 March expiry)

NIFTY50 rebounded back above the 23,400 levels in the last hour on Monday. The index regained the momentum after crude oil prices cooled off from recent highs as countries engaged in dialogue to normalise trade through the Strait of Hormuz. Consequently, the US markets too rebounded from lower levels as investors assessed the risks from the Iran conflict.

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The global market cues remain buoyant as Asian markets traded in green across the board, with Korean and Hong Kong indices rising the most by 2.5% and 1.5% respectively. The GIFT NIFTY futures traded over 120 points higher, indicating a gap-up opening for NIFTY50 on Tuesday.

Nifty50_2026-03-17_07-02-28.png
Source: Upstox

On the technical front, the NIFTY50 filled a crucial gap created on 12 April 2025 amid tariff reliefs. The index on the hourly charts closed above the 20 EMA levels in 10 sessions, indicating a reversal in the trend. The trend reversal can be confirmed if the index manages to close above the 50 EMA levels on Tuesday.

March17.png
Source: Upstox

On the options data front, the 23,000 puts hold the highest open interest, indicating strong support for today's expiry. On the flipside, the 24,000 calls hold the highest open interest, indicating strong resistance on the upside.

Expiry outlook

Bullish outlook: Traders with bullish sentiment can execute a long call strategy by buying 23,400 calls. The strategy would turn profitable after the index moves above 23,515.
Bearish outlook: Traders with a bearish outlook can execute a long put strategy by buying a put strike of 23,500. The strategy would turn profitable after the index moves below the 23,275 level.

To access a specially curated smartlist of the most traded and active stocks, as well as the OI gainers and losers, simply visit:

https://pro.upstox.com/ --> F&O --> Options smartlist/Futures smartlist. In Futures and Options or F&O, long build-up means an increase in Open Interest (OI) along with a price increase, and short build-up means an increase in Open Interest(OI) along with a price decrease.

source: Upstox and NSE.

Disclaimer: Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop losses. We do not recommend any particular stock, securities or strategies for trading. The securities quoted are exemplary and are not recommended. The stock names mentioned in this article are purely for showing how to do analysis.

About The Author

WhatsApp Image 2025-01-20 at 11.25.23.jpeg
Rohan Takalkar is a senior writer at Upstox and a seasoned capital markets analyst with around 9 years of experience. He is passionate about writing on equities, global markets, and the economy.

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