Trade setup: Options data indicates 83,000 as resistance for today's expiry; here's all you need to know

GIFT NIFTY indicates a negative opening for Indian markets on Tuesday as indicated by mixed global cues. The US stock market futures jump on Tuesday moring indicating a positive opening for US markets on Tuesday after Trump announced delay in EU tariffs to 9th of July. The Asian markets continued to trade in red with no fresh cues.

NIFTY50

Max call OI:25,000

Max put OI:24,500

NIFTY50 extended gains on Monday after positive global cues boosted investor sentiments. The index closed a tad higher than the key resistance level of 25,000, indicating strength in the bounce back from lower levels. However, experts believe a rally towards the previous high could only be possible with consecutive closing above the 25,000 level.

On the options front, the open interest data indicates resistance at the 25,000 levels, with the highest open interest on the call side. On the downside, the 24,500 holds the highest open interest for the current expiry. In addition, the 25,000 puts also witnessed significant open interest addition on Monday, indicating a tight range of trade for the expiry.

SENSEX

Max call OI: 83,000

Max put OI:81,500

(Ten strikes to ATM, 27th May expiry)

SENSEX faced resistance at the previous swing high trendline of 82,500 on Monday. The index continues to trade in the range of 81,200 to 82,500. Experts believe the closing above 82,500 would confirm the rally towards previous high levels.

On technical charts, the 82,500 continues to remain key resistance for the index and the 21 EMA level of 80,800 holds as the strong support level.

On the options front, the 83,000 level holds the highest open interest on the call side, indicating a resistance at these levels. On the downside, the benchmark index hold the highest open interest at 81,500 levels.

Stock scanner

Long buildup: Bajaj Auto, M&M

Short buildup:

Top traded futures contracts: HDFC Bank, ICICI Bank, Reliance

Top traded options contracts: Reliance 1400 CE, Reliance 1440 CE, SBI 800 CE

Under F&O ban: Chambal Fertilisers, Manappuram, RBL Bank, Hind Copper, Titagarh Out of F&O ban:

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