Trade setup: Will NIFTY50 close above 24,750 on Friday? check details

NIFTY50

Max call OI:25,000

Max put OI:24,500

(Ten strikes to ATM, 09 Sep expiry)

NIFTY50 opened over 200 points higher on Thursday amif the GST bonanza was announced by the government. However, the index failed to hold the momentum and lost all the gains to close with only a 20-point gain. This sluggishness and pessimism surrounding Indian markets largely stemmed from concerns over 50% tariffs and persistent FII selling.

On the technical charts, the index failed to hold above the key resistance levels of 24,500. However, the index closed above the 20 SMA levels, leaving some hope for bulls for optimism. Experts believe the index will continue to remain in a consolidation until it crosses above 25,000 on a weekly basis.

On the options data front, 25,000 calls hold the highest open interest, indicating a strong resistance for the coming expiry. On the other hand, the 24,500 puts hold the highest open interest, indicating a strong support for the coming weekly expiry.

Stock Scanner

Long buildup: - M&M, Bajaj Finance

Short buildup: -HDFC Life, Tata Consumer

Top traded futures contracts: M&M, Bajaj Finance, HDFC Bank

Top traded options contracts: SBIN 830 CE, HDFC Bank 1000 CE

F&O securities under ban: RBL Bank

F&O securities out of the ban: NIL

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