Trade Setup for September 3: Top 15 things to know before the opening bell- Grow Mudra

Trade Setup for September 3: Top 15 things to know before the opening bell

03 Sep , 2026 By : Debdeep Gupta

The Nifty 50 remained under pressure for the third consecutive session, closing 0.6 percent lower on September 2, amid rising US bond yields, elevated oil prices and escalating tensions in West Asia. With bears gaining the upper hand, the index is now trading below all key moving averages, while momentum indicators continue to weaken. Hence, the crucial 23,800 level, which corresponds to Wednesday’s low, is expected to be at risk going ahead. A break below this level could open the door for a decline towards the July low of 23,600. However, in case of a bounce-back, the index is likely to face resistance in the 24,000-24,200 zone. The sustainability of any rebound will be key to watch, said experts, who advised adopting a ‘sell on rally’ strategy.

Here are 15 data points we have collated to help you spot profitable trades:

1) Key Levels For The Nifty 50 (23,914)

Resistance based on pivot points: 23,921, 23,951, and 23,999

Support based on pivot points: 23,823, 23,793, and 23,744

Special Formation: The Nifty 50 formed a bullish candle with a noticeable lower shadow on the daily chart, indicating buying interest at lower levels and partial filling of the opening bearish gap. However, selling pressure remained evident. The index continued to trade below all key moving averages, with the 10-day EMA remaining below the 50-day and 100-day EMAs, while the 20-day EMA is on the verge of breaking below the 100-day EMA, indicating increasing weakness in the near term. The index also slipped below the 50 percent Fibonacci retracement level of the rally from the June low to the August high. The RSI dipped below the 40 mark to 38.34, while the MACD remained below both the zero line and the signal line, with the red histogram bar expanding for the third consecutive session. All these indicators point to weakening momentum and a bearish technical setup.

2) Key Levels For The Bank Nifty (57,172)

Resistance based on pivot points: 57,224, 57,318, and 57,470

Support based on pivot points: 56,920, 56,826, and 56,674

Resistance based on Fibonacci retracement: 57,367, 57,684

Support based on Fibonacci retracement: 56,870, 56,493

Special Formation: The Bank Nifty closed 0.41 percent lower but formed a bullish candle with a long lower shadow and a minor upper wick on the daily chart, indicating buying interest at lower levels. The index partially filled the opening bearish gap and moved back above the 50 percent Fibonacci retracement level of the recent rally. However, it broke below the 50-day EMA support, which had held for nearly a month, while continuing to trade below the short-term moving averages, indicating caution and the possibility of consolidation in the near term. The RSI fell to 45.49 and remained below its signal line. The MACD remained largely sideways, although the red histogram bar expanded for another session. All these indicators point to a cautious technical setup, with the index likely to remain in consolidation mode in the near term.

3) Nifty Call Options Data

According to the weekly options data, the maximum Call open interest was seen at the 24,200 strike (with 1 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,000 strike (87.56 lakh contracts) and 24,100 strike (79.56 lakh contracts).

Maximum Call writing was observed at the 23,900 strike, which saw an addition of 48.72 lakh contracts, followed by the 24,000 and 24,200 strikes, which added 29.82 lakh and 26.99 lakh contracts, respectively. There was hardly any Call unwinding seen in the 23,550-24,500 strike band.

4) Nifty Put Options Data

On the Put side, the 23,800 strike holds the maximum Put open interest (with 78.26 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 23,500 strike (77.97 lakh contracts) and the 23,600 strike (68.14 lakh contracts).

The maximum Put writing was placed at the 23,800 strike, which saw an addition of 48.1 lakh contracts, followed by the 23,850 and 23,900 strikes, which added 31 lakh and 25.36 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,000 strike, which shed 10.62 lakh contracts, followed by the 24,100 and 24,200 strikes, which shed 9.75 lakh and 6.8 lakh contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 57,500 strike, with 19.54 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 58,000 strike (13.43 lakh contracts) and the 57,000 strike (3.87 lakh contracts).

Maximum Call writing was observed at the 57,000 strike (with the addition of 1.09 lakh contracts), followed by the 57,100 strike (53,670 contracts) and 56,900 strike (25,200 contracts). The maximum Call unwinding was seen at the 58,200 strike, which shed 24,870 contracts, followed by the 57,700 and 58,000 strikes, which shed 22,080 and 16,380 contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the 57,500 strike holds the maximum Put open interest (with 19.33 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 58,000 strike (9.53 lakh contracts) and the 57,000 strike (9.49 lakh contracts).

The maximum Put writing was placed at the 57,000 strike (which added 1.11 lakh contracts), followed by the 56,900 strike (46,110 contracts) and 57,100 strike (36,720 contracts). The maximum Put unwinding was seen at the 57,400 strike, which shed 46,590 contracts, followed by the 57,700 and 58,000 strikes which shed 34,110 and 20,910 contracts, respectively.

7) Funds Flow (Rs crore)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, dropped to 0.87 on September 2, compared to 0.89 in previous session.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.

9) India VIX

The fear gauge, India VIX, jumped 3.6 percent to 11.59 and moved above its short-term moving averages, signalling some caution for the bulls. However, the VIX remains well below alarming levels, and as long as it stays below the 13-14 zone, the bulls may not face significant risk.

10) Long Build-up (46 Stocks)

A long build-up was seen in 46 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (51 Stocks)

51 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.

12) Short Build-up (74 Stocks)

74 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.

13) Short-Covering (45 Stocks)

45 stocks saw short-covering, meaning a decrease in OI, along with a price increase.

14) High Delivery Trades

Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.