The Nifty 50 failed to defend the 24,300 level (20-day EMA) on a closing basis due to profit booking at higher levels and ended 0.14 percent lower on August 24, as traders may remain cautious ahead of the monthly F&O expiry on August 25. The bearish crossover in momentum indicators signals nervousness, but the shrinking red histogram bar indicates weakening bearish momentum. Going ahead, the 24,150-24,100 zone, near Monday's low, could provide immediate support for the index, followed by the crucial 24,000 level. On the upside, the 24,300-24,400 zone is expected to act as resistance, and a sustained move above this range could open the door to the 24,500 zone, according to experts.

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

1) Key Levels For The Nifty 50 (24,219)

Resistance based on pivot points: 24,290, 24,330, and 24,394

Support based on pivot points: 24,161, 24,121, and 24,057

Special Formation: The Nifty 50 formed a bearish candle with a noticeable lower wick, indicating selling pressure despite buying interest at lower levels. The index remained below the 20-day EMA on a closing basis but held above the 50-day EMA. The RSI declined to 47.85 and remained below its signal line, while the MACD stayed below the reference line. However, the red histogram bar narrowed, and the Stochastic RSI maintained its bullish crossover for the third consecutive session, indicating some improvement in underlying momentum despite the overall cautious trend.

2) Key Levels For The Bank Nifty (57,526)

Resistance based on pivot points: 57,788, 57,937, and 58,176

Support based on pivot points: 57,309, 57,160, and 56,921

Resistance based on Fibonacci retracement: 58,137, 58,714

Support based on Fibonacci retracement: 57,400, 57,135

Special Formation: The Bank Nifty also formed a candlestick pattern similar to the Nifty 50 and closed marginally below its short-term moving average. The index snapped a two-day gaining streak, declining 0.41 percent. However, it remained firmly above its medium- and long-term moving averages, signalling a healthy broader structure despite some caution in the short term. The RSI fell to 50.53 and registered a negative crossover, while the MACD remained below its signal line. However, the red histogram bar continued to shrink, and the Stochastic RSI sustained its positive crossover for the third consecutive session, indicating a mixed setup, with near-term momentum remaining cautious but signs of improving underlying strength.

3) Nifty Call Options Data

According to the monthly options data, the 24,300 strike holds the maximum Call open interest (with 2.16 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,200 strike (1.65 crore contracts) and 24,500 strike (1.62 crore contracts).

Maximum Call writing was observed at the 24,300 strike, which saw an addition of 81.53 lakh contracts, followed by the 24,200 and 24,250 strikes, which added 76.97 lakh and 58.57 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,000 strike, which shed 6.17 lakh contracts, followed by the 23,800 and 23,950 strikes, which shed 2.24 lakh and 15,210 contracts, respectively.

4) Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 24,000 strike (with 1.62 crore contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 24,200 strike (1.22 crore contracts) and the 24,100 strike (91.42 lakh contracts).

The maximum Put writing was placed at the 24,050 strike, which saw an addition of 15.62 lakh contracts, followed by the 24,150 and 24,100 strikes, which added 11.78 lakh and 9.09 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,250 strike, which shed 37.27 lakh contracts, followed by the 24,300 and 24,200 strikes, which shed 33.42 lakh and 27.79 lakh contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the 58,000 strike holds the maximum Call open interest, with 23.88 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 (15.73 lakh contracts) and the 57,700 strike (12.77 lakh contracts).

Maximum Call writing was observed at the 57,500 strike (with the addition of 7.88 lakh contracts), followed by the 57,800 strike (5.63 lakh contracts) and 57,600 strike (4.94 lakh contracts). The maximum Call unwinding was seen at the 57,000 strike, which shed 22,950 contracts, followed by the 56,500 and 56,600 strikes, which shed 10,620 and 780 contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 57,000 strike (with 12.44 lakh contracts), which can act as a key support level for the index in the short term. This was followed by the 57,500 strike (8.75 lakh contracts) and the 56,500 strike (6.56 lakh contracts).

The maximum Put writing was placed at the 57,300 strike (which added 2.15 lakh contracts), followed by the 57,100 strike (1.51 lakh contracts) and 57,400 strike (1.13 lakh contracts). The maximum Put unwinding was seen at the 58,000 strike, which shed 3.23 lakh contracts, followed by the 57,700 and 57,500 strikes, which shed 1.36 lakh and 1.29 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, declined to 0.83 on August 24, compared 1.11 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 India VIX, which measures expected market volatility, rose 2.95 percent to 11.525 on Monday, extending its upward journey for the second consecutive session and signalling some caution. However, the rise is not yet alarming for bulls, as the index remains below its short-term moving averages and the 12 zone.

10) Long Build-up (27 Stocks)

A long build-up was seen in 27 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (86 Stocks)

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

12) Short Build-up (39 Stocks)

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

13) Short-Covering (61 Stocks)

61 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.

15) Stocks Under F&O Ban

Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

Stocks added to F&O ban: Nil

Stocks retained in F&O ban: Nil

Stocks removed from F&O ban: SAIL