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Trade setup for March 23: Can NIFTY50 defend 22,800 on Monday? Check details

WhatsApp Image 2025-01-20 at 11.25.23.jpeg
By Rohan Takalkar

2 min read | Updated on March 23, 2026, 07:54 IST

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SUMMARY

The GIFT NIFTY futures indicate a weak opening for the NIFTY50 on Monday morning, owing to negative global market cues. The options data for tomorrow's expiry suggest strong resistance at 23,800 levels, while crucial support remains at 23,000.

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Long-term charts indicate 22,000 as the next crucial support level. Image: Shutterstock.

NIFTY50

Max call OI:23,800

Max put OI:23,000

(Ten strikes to ATM, 24 March expiry)

The NIFTY50 is set to open nearly 300 points lower owing to weak global market cues. The crude oil prices jumped above $110 per barrel on Monday morning after President Trump issued a 48-hour deadline for Iran to open the Strait of Hormuz or face attacks on its crucial energy infrastructure. The Asian markets fell over 3% across the board amid the ongoing energy crisis in the Middle East.

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Nifty50_2026-03-23_07-16-13.png
Source: Upstox

On the hourly charts, the index remained below the 20 and 50 EMA, indicating sell-on-rise sentiment on the short-term charts. On the long-term charts, the weekly 200 EMA level now remains the next crucial support for the NIFTY50.

march23.png
Source: Upstox

On the open interest front, the 23,800 calls hold the highest open interest, indicating a strong resistance on the upside. The 23,000 puts hold the highest open interest for tomorrow’s expiry, indicating a near-term resistance.

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Long buildup: NA

Short buildup: Hindalco, HDFC Bank

Top traded futures contracts: HDFC Bank

Top traded options contracts: HDFC Bank 800 CE

F&O securities under ban: SAIL, Samaan Capital

F&O securities out of the ban: NA

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