Trade Setup for July 17: Top 15 things to know before the opening bell- Grow Mudra

Trade Setup for July 17: Top 15 things to know before the opening bell

17 Jul , 2026 By : Debdeep Gupta

The Nifty 50 continued to witness range-bound trading for the sixth consecutive session and ended flat on July 16. In fact, the trading range has gradually narrowed, while the index has consistently defended its 20-day EMA (above 24,000) over the past five sessions. On the other hand, the upside has remained capped below 24,300, as market participants continue to closely monitor developments in the West Asia conflict, which have a direct bearing on crude oil prices. Hence, according to experts, range-bound trading is likely to continue until the index decisively breaks out of this range in either direction. A breakdown below the range could drag the index towards 23,800, the crucial support level. On the upside, the 24,500-24,600 zone will be the key hurdle to watch.

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

1) Key Levels For The Nifty 50 (24,073)

Resistance based on pivot points: 24,155, 24,187, and 24,240

Support based on pivot points: 24,051, 24,019, and 23,967

Special Formation: The Nifty 50 formed a bearish candle with minor shadows on both sides within the previous session's range, indicating weakness amid the ongoing range-bound trade. The index remained above both its 20-day and 50-day EMAs, signalling that the medium-term trend is still healthy. However, it failed to close above the 100-day EMA for the third consecutive session. Additionally, it remained below the 61.8 percent Fibonacci retracement level of the recent correction from 24,530 to 23,800. The momentum indicators also signalled weakness, with the Relative Strength Index (RSI) at 52.15, remaining below its reference line. Meanwhile, the Moving Average Convergence Divergence (MACD) stayed below the signal line, with the red histogram expanding further. All these factors indicate that the index continues to exhibit short-term weakness despite maintaining a healthy medium-term trend, suggesting that the ongoing range-bound movement is likely to persist until a decisive breakout or breakdown occurs.

2) Key Levels For The Bank Nifty (57,582)

Resistance based on pivot points: 57,840, 57,960, and 58,156

Support based on pivot points: 57,449, 57,329, and 57,133

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

Support based on Fibonacci retracement: 57,305, 56,441

Special Formation: The Bank Nifty formed a bearish candle with minor upper and lower shadows on the daily timeframe, indicating a lack of strong directional conviction. However, the broader trend remains intact, as the banking index continues to trade above all its key moving averages, with these averages maintaining an upward slope. The RSI, at 53.44, remained in the consolidation zone, though below the reference line. The MACD maintained its downtrend below the signal line, with the histogram remaining in the red for the eighth consecutive session, indicating weakening momentum despite the broader bullish structure remaining intact.

3) Nifty Call Options Data

According to the weekly options data, the maximum Call open interest was seen at the 24,200 strike (with 92.22 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,500 strike (78.42 lakh contracts) and 24,100 strike (75.73 lakh contracts).

Maximum Call writing was observed at the 24,150 strike, which saw an addition of 10.79 lakh contracts, followed by the 24,550 and 24,100 strikes, which added 7.68 lakh and 7.55 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,000 strike, which shed 7.47 lakh contracts, followed by the 23,800 and 23,700 strikes, which shed 35,815 and 13,845 contracts, respectively.

4) Nifty Put Options Data

On the Put side, the 24,000 strike holds the maximum Put open interest (with 64.45 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 24,100 strike (59.65 lakh contracts) and the 23,800 strike (47.01 lakh contracts).

The maximum Put writing was placed at the 24,050 strike, which saw an addition of 14.32 lakh contracts, followed by the 23,900 and 23,800 strikes, which added 13.83 lakh and 11.8 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,250 strike which shed 1.59 lakh contracts, followed by the 24,400 and 24,300 strikes, which shed 22,620 and 11,700 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 15.12 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 58,500 strike (9.19 lakh contracts) and the 57,500 strike (4.93 lakh contracts).

Maximum Call writing was observed at the 58,000 strike (with the addition of 1.39 lakh contracts), followed by the 57,800 strike (82,920 contracts) and 57,500 strike (77,070 contracts). The maximum Call unwinding was seen at the 58,700 strike, which shed 27,300 contracts, followed by the 57,000 strike, which shed 2,310 contracts.

6) Bank Nifty Put Options Data

On the Put side, the 58,000 strike holds the maximum Put open interest (with 9.66 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 57,000 strike (7.79 lakh contracts) and the 57,500 strike (5.48 lakh contracts).

The maximum Put writing was placed at the 57,500 strike (which added 44,700 contracts), followed by the 57,800 strike (39,510 contracts) and 57,300 strike (23,280 contracts). The maximum Put unwinding was seen at the 58,000 strike, which shed 51,360 contracts, followed by the 58,100 and 58,500 strikes, which shed 17,730 and 14,760 contracts, respectively.

7) Funds Flow (Rs crore)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, rose to 0.97 on July 16, from 0.95 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

The fear gauge, India VIX, extended its downtrend for the second consecutive session, declining 2.92 percent to 12.88 on Thursday, indicating support for the bulls. However, the volatility index needs to fall below and sustain under the 12 mark to provide greater comfort to the bulls.

10) Long Build-up (40 Stocks)

A long build-up was seen in 40 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (43 Stocks)

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

12) Short Build-up (86 Stocks)

86 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.