Trade setup for Sept 8: NIFTY50 continues to trade in the range of 24,500 to 24,700; check details

NIFTY50

Max call OI:25,000

Max put OI:24,500

(Ten strikes to ATM, 09 Aug expiry)

NIFTY50 continues to remain range-bound with high volatility. The index has consolidated in a broad range of 24,500 to 25,000, indicating the absence of a clear direction for the index. The GIFT NIFTY futures indicate a 50-point gap-up opening for the markets on Monday. Market participants are optimistic about the India-US trade deal after the positive comments on the social media platform X by Prime Minister Narendra Modi on US President Donald Trump.

On the technical charts, the index has formed a lower high candlestick pattern, indicating increasing selling pressure on every upside. In addition, the index has maintained the crucial swing low support trend line of 24,480 to 24,500. Experts believe that with India Vix trading at multi-year lows, the major move on the either side remains capped.

On the options data front, the 25,000 calls hold the highest open interest on the upside, indicating a strong resistance for tomorrow’s expiry. Similarly, the 24,500 puts hold the highest open interest on the downside, indicating strong support for the expiry.

Stock Scanner Long buildup: - M&M, Bajaj Finance

Short buildup: -ITC, TCS

Top traded futures contracts: M&M, Infy, BSE

Top traded options contracts: Infy 1540 CE,

F&O securities under ban: RBL Bank

F&O securities out of the ban: NIL

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