Trade Setup for July 23: Top 15 things to know before the opening bell- Grow Mudra

Trade Setup for July 23: Top 15 things to know before the opening bell

23 Jul , 2026 By : Debdeep Gupta

The Nifty 50 succumbed to selling pressure, declining 0.8 percent to end just below the psychological 24,000 mark on July 22, as escalating Middle East tensions lifted oil prices to $95 a barrel. Momentum indicators signal short-term weakness in the market. The index also slipped below its short-term moving averages and the midline of the Bollinger Bands, indicating that bears are in a stronger position. If the index sustains below the 24,000 level, a fall towards 23,800 cannot be ruled out. A breach of that level may allow bears to tighten their grip on the market further. However, in the event of a rebound, the 24,100-24,200 zone is likely to act as a hurdle, according to experts.

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

1) Key Levels For The Nifty 50 (23,996)

Resistance based on pivot points: 24,120, 24,168, and 24,246

Support based on pivot points: 23,963, 23,915, and 23,836

Special Formation: The Nifty 50 formed a long bearish candle on the daily charts after a period of consolidation and slipped below its short-term moving averages, the 100-day EMA, as well as the midline of the Bollinger Bands, reflecting bears gaining an upper hand. The RSI dropped to 48.61 and witnessed a negative crossover, while the MACD slipped further below the signal line, with the red bar in the histogram expanding further, indicating strengthening bearish momentum.

2) Key Levels For The Bank Nifty (57,127)

Resistance based on pivot points: 57,633, 57,835, and 58,161

Support based on pivot points: 56,981, 56,780, and 56,454

Resistance based on Fibonacci retracement: 59,195, 61,717

Support based on Fibonacci retracement: 56,441, 55,742

Special Formation: The Bank Nifty declined 1.2 percent, breaking below the consolidation range of the past several sessions. It formed a long bearish candle on the daily charts, indicating increasing selling pressure. The banking index slipped decisively below its short-term moving averages and the midline of the Bollinger Bands, although it remained above its medium- and long-term moving averages. The RSI fell to 48.1 and continued to indicate a bearish crossover, while the MACD remained below the reference line, with the red bar in the histogram expanding, indicating weakness in the short term.

3) Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 24,200 strike (with 1.51 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 (1.34 crore contracts) and 24,100 strike (90.4 lakh contracts).

Maximum Call writing was observed at the 24,000 strike, which saw an addition of 87.3 lakh contracts, followed by the 24,100 and 24,050 strikes, which added 53.67 lakh and 45.69 lakh contracts, respectively. There was hardly any Call unwinding seen in the 23,500-24,450 strike band.

4) Nifty Put Options Data

On the Put side, the 24,000 strike holds the maximum Put open interest (with 1.22 crore contracts), which can act as a key level for the Nifty in the short term. It was followed by the 23,500 strike (83.11 lakh contracts) and the 24,200 strike (78.59 lakh contracts).

The maximum Put writing was placed at the 24,000 strike, which saw an addition of 46.01 lakh contracts, followed by the 23,950 and 23,500 strikes, which added 26.49 lakh and 21.8 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,200 strike, which shed 15.4 lakh contracts, followed by the 24,150 and 24,300 strikes, which shed 3.81 lakh and 3.08 lakh contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 58,000 strike, with 22.17 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 57,500 strike (10.42 lakh contracts) and the 57,000 strike (5.68 lakh contracts).

Maximum Call writing was observed at the 57,500 strike (with the addition of 6.44 lakh contracts), followed by the 58,000 strike (3.22 lakh contracts) and 57,300 strike (2.27 lakh contracts). There was hardly any Call unwinding seen in the 56,200-58,100 strike band.

6) Bank Nifty Put Options Data

On the Put side, the 57,000 strike holds the maximum Put open interest (with 10.4 lakh contracts), which can act as a key support level for the index in the short term. This was followed by the 58,000 strike (10.28 lakh contracts) and the 57,500 strike (5.7 lakh contracts).

The maximum Put writing was placed at the 57,000 strike (which added 2.29 lakh contracts), followed by the 56,900 strike (80,160 contracts) and 57,300 strike (57,570 contracts). The maximum Put unwinding was seen at the 58,000 strike, which shed 3.35 lakh contracts, followed by the 56,500 and 57,500 strikes, which shed 2 lakh and 1.64 lakh contracts, respectively.

7) Funds Flow (Rs crore)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, slipped to 0.84 on July 22, from 1.01 compared to 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

India VIX, which measures expected market volatility, surged 5.5 percent to 13.29 and climbed above its short-term moving averages, indicating rising discomfort for bulls. A further increase towards the 15 zone could intensify the pressure on the bullish camp.

10) Long Build-up (17 Stocks)

A long build-up was seen in 17 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (55 Stocks)

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

12) Short Build-up (117 Stocks)

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

13) Short-Covering (24 Stocks)

24 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.