Trade setup for Oct 30: Will NIFTY50 hold the gains above 26,000 on Thursday?

NIFTY50

Max call OI:26,500

Max put OI:26,000

(Ten strikes to ATM, 05 November expiry)

NIFTY50 bounced back from lower levels on Wednesday and closed above the 26,000 mark for the first time since September 2024. The renewed momentum in FII buying has played a pivotal part in holding the gains. The global cues remain positive, with the US Federal Reserve cutting interest rates by 25 bps, boosting the global market sentiments.

On the technical front, the index now trades near the crucial resistance of 26,053, before hitting the previous record high levels of 26,277. The 21 EMA level stands at 25,530, which is the medium-term support for the index.

On the options data front, the 26,500 calls now hold the highest open interest on the upside, indicating next resistance at these levels for NIFTY50. Similarly, on the downside, the 26,000 puts witnessed heavy open interest addition and held the highest open interest, indicating a strong near-term support for the index.

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Long buildup: - NTPC, Adani Ports, Adani Enterprises

Short buildup: - Dr Reddys

Top traded futures contracts: Adani Green, Varun Beverages

Top traded options contracts: Infy 1600 CE

F&O securities under ban: Samman Cap

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