Trade setup for Nov 06: Will NIFTY50 hold the 21 EMA support level of 25,594

NIFTY50

Max call OI:26,000

Max put OI:25,300

(Ten strikes to ATM, 11 November expiry)

NIFTY50 continued to slide further on Expiry day and closed below the crucial psychological support level of 25,700. The fall was largely due to heavy selling pressure in IT and Metal stocks and weak global cues. GIFT NIFTY indicates a positive start for Thursday with positive global cues.

On the technical front, NIFTY50 broke the consolidation range of 25,700 to 26,000 by closing below the 25,700 support levels. However, the NIFTY50 closed at the 21 EMA level of 25,597. Experts believe that, for the index to regain the 26,000 resistance level, it should give a weekly close above the 26,700 level.

The options data for the coming weekly expiry indicates a broad range of trades from 25,200 to 26,000. The 26,000 calls hold the highest open interest, indicating a strong resistance level, while the 25,300 puts hold the highest open interest, indicating a strong support level for the coming weekly expiry.

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Long buildup: - Titan

Short buildup: - PowerGrid, Adani Enterprises

Top traded futures contracts: SBI, Bharti Airtel

Top traded options contracts: TCS 3100

F&O securities under ban: Samman Cap

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