Trade setup for Oct 24: NIFTY50 chart shows signs of consolidation, will it bounce back above 26,000? Check details

NIFTY50

Max call OI:

Max put OI:

(Ten strikes to ATM, 28 Oct expiry)

NIFTY50 opened with a sharp gap-up on Thursday after reports of the India-US trade deal emerged. However, the index erased the majority of the gains to close marginally higher. The GIFT NIFTY futures indicate a flat start for Indian markets on Friday with mixed global cues.

On the technical front, the index is expected to consolidate further as it failed to sustain the majority of the gains on Thursday. The upside resistance on charts stands at 26,000, while on the downside, the 21 EMA level of 25,400 remains one of the crucial support zones for the index.

On the options front, the 26,200 calls witnessed heavy open interest addition and held the highest open interest, indicating a crucial resistance level for the index. On the downside, the 25,500 puts hold the highest open interest, indicating a very broad range of expiry for the index.

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Long buildup: -

Short buildup: - Eternal

Top traded futures contracts: HDFC Bank, ICICI Bank

Top traded options contracts: Infy 1540 CE

F&O securities under ban: Samman Cap

F&O securities out of the ban: