Trade setup for March 18: Can NIFTY50 touch 23,800 on Wednesday? Check details

NIFTY50

Max call OI:24,000

Max put OI:23,000

(Ten strikes to ATM, 24 March expiry)

The Indian benchmark indices ended in green for the second consecutive day on Tuesday. The gains were largely led by buoyant global market cues as investors reassessed the risks arising from the Middle East crisis. The cues for Wednesday morning continued to remain positive as the US markets ended in green, and the Asian markets opened positively on Wednesday morning. All eyes remain on the Federal Reserve’s policy decision and the commentary by the chairman.

Source: Upstox

The index also managed to close above the 20 EMA for the second consecutive day, indicating that the index could remain in the consolidation mode before deciding on the next direction.

The hourly charts show 23,000 as the near-term support and 23,800 as the near-term resistance for the index.

The initial buildup for the coming weekly expiry on 24 March indicates a broad trading range of 23,000 to 24,000, with the highest open interest on the 23,000 puts and the 24,000 calls. The data also suggests heavy put concentration between 23,000 and 23,500 levels, indicating sustained support for the index on the downside.

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Long buildup: Eternal, M&M

Short buildup: Cipla, Infosys

Top traded futures contracts: ICICI Bank

Top traded options contracts: TCS 2500 CE

F&O securities under ban: SAIL, Samaan Capital

F&O securities out of the ban: NA

Source: Upstox and NSE.