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Trade setup for March 24: Will NIFTY50 sustain the gap-up on Tuesday?

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By Rohan Takalkar

2 min read | Updated on March 24, 2026, 05:50 IST

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SUMMARY

The GIFT NIFTY futures suggest a sharp gap-up opening on Tuesday morning. The options data showed strong open interest near 23,000 levels, indicating a resistance, which will likely be breached at the opening. Experts believe the index should hold the 23,000 at closing for momentum to sustain.

NSE, BSE, NIFTY50, SENSEX, buzzing stocks

GIFT NIFTY indicates a sharp gap up opening on expiry day. Image: Shutterstock.

NIFTY50

Max call OI:23,000

Max put OI:22,000

(Ten strikes to ATM, 24 March expiry)

The GIFT NIFTY futures indicate a sharp gap-up opening on Tuesday morning after President Trump announced a ceasefire in the ongoing conflict. Following the announcement, the crude oil prices slumped below $100 per barrel after hitting an intraday high of $114 per barrel. Consequently, the US markets also closed on average 1% higher across the board.

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On the technical front, the NIFTY50 is expected to open above 23,000 levels. For the momentum to remain intact, the index should close above the 23,000 levels before it decides on the further direction.

March24.png

On the options data front, the 22,000 puts hold the highest open interest for today’s expiry, indicating strong support. On the flip side, the 23,000 calls have the highest open interest, indicating strong resistance that will likely be breached at the opening on Tuesday.

Expiry outlook

Bullish outlook: Traders with bullish sentiment can execute a long call strategy by buying 23,000 calls. The strategy would turn profitable after the index moves above 23,042.
Bearish outlook: Traders with a bearish outlook can execute a long put strategy by buying a put strike of 23,000. The strategy would turn profitable after the index moves below the 22445 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

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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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