Trade setup for Sept 24: Will NIFTY50 bounce back from current levels on Wednesday?

NIFTY50

Max call OI:25,500

Max put OI:25,000

(Ten strikes to the ATM, 30 September expiry)

NIFTY50 index continued its downward trend by breaking the crucial psychological support level of 25,200. Index participants now see higher chances of volatility with more downside bias owing to multiple factors. Experts believe, any negative outcome from the bilateral trade talks between India and the US could lead to more pain in the index.

On the technical front, the index now looks at the support of the 21 EMA level of ₹25,032. According to the experts, the index posted a doji candlestick pattern on the daily charts, indicating indecisiveness for its direction. However, global cues indicate a downward trend in the index for Wednesday.

On the options data front, the initial buildup for 30th September expiry indicates 25,500 as a crucial resistance level with the highest open interest on the call side. On the other hand, the 25,000 puts hold the highest open interest, indicating the near-term support for the index.

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Long buildup: - Axis Bank, Maruti Suzuki

Short buildup: - Ultratech Cement

Top traded futures contracts: Axis Bank, Maruti Suzuki, Reliance

Top traded options contracts: SBIN 880 CE, SBIN 860 CE

F&O securities under ban: RBL Bank, HFCL, SAMMANCAP

F&O securities out of the ban: NIL

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