Trade setup: Will NIFTY50 give weekly close at new record high levels?

NIFTY50

Max call OI:26,500

Max put OI:26,000

NIFTY50 ended flat with positive bias on Thursday. Index made a gap-up start following broadly positive cues from other Asian Markets. Soon, the index gained some traction and touched fresh all-time high levels during the morning session. However, the gains fizzled out in the closing session as the NIFTY50 closed with only 10 points gain.

On the technical front, the index formed a doji candlestick pattern at the close, indicating a lack of strength at record-high levels. Experts believe a weekly close above the previous record high levels of 26,277 would lead to further upside in the index.

On the options data front, the 26,000 puts held the highest open interest, indicating a strong support for the index for the coming weekly expiry. On the other hand, 26,500 calls hold the highest open interest, indicating the near-term resistance for the index.

Stock Scanner

Long buildup: -

Short buildup: -Adani Enterprises, Eicher Motors

Top traded futures contracts: HDFC Bank, ICICI Bank

Top traded options contracts: HDFC Bank 1040 CE

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