Trade setup for Oct 17: Will NIFTY50 continue to hold the gains above 25,500 on Friday?

NIFTY50

Max call OI:26,000

Max put OI:25,300

(Ten strikes to ATM, 20 Oct expiry)

NIFTY50 continued to march ahead with the strong global cues and positive domestic triggers on Thursday. The index also closed above the psychological mark of 25,500, indicating a renewed bullish momentum in the market. The GIFT NIFTY futures traded 32 points lower on Friday morning, indicating a negative opening for Indian markets.

On technical charts, the NIFTY50 index broke above the crucial swing high trendline resistance level and managed to close above it on Thursday. Experts believe that for the index to continue the bullish momentum, it should close above these crucial levels of 25,500 on Friday, marking a strong weekly close.

On the options data front, the 26,000 calls now hold the highest open interest, indicating the next resistance level. On the other hand, the 25,300 puts hold the highest open interest, indicating a strong support level for the coming expiry.

Stock Scanner

Long buildup: - Nestle India, Tata Consumer, Titan, Kotak Mahindra Bank,

Short buildup: - Eternal, HDFC Life

Top traded futures contracts: Eternal, Axis Bank

Top traded options contracts: SBIN 900 CE, Infy 1560 CE

F&O securities under ban: Samman Cap

F&O securities out of the ban:RBL Bank

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