Trade Setup for September 2: Top 15 things to know before the opening bell- Grow Mudra

Trade Setup for September 2: Top 15 things to know before the opening bell

02 Sep , 2026 By : Debdeep Gupta

The recovery during the closing auction session (CAS) helped the Nifty 50 move back above the 24,000 mark on a closing basis, with the index ending moderately lower on September 1. Technical indicators continue to signal a cautious and consolidative market in the near term amid turmoil in the Middle East. A decisive break and sustained move below the 24,000-23,950 support zone could drag the index towards 23,800 and then 23,600. However, if the index manages to sustain above this zone, the possibility of an upmove towards 24,200-24,400 could increase, according to experts. The weekly options data suggests that the Nifty 50 is likely to trade in a broad range of 23,500-24,500 in the short term.

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

1) Key Levels For The Nifty 50 (24,056)

Resistance based on pivot points: 24,123, 24,168, and 24,241

Support based on pivot points: 23,978, 23,933, and 23,860

Special Formation: The Nifty 50 formed a high-wave candlestick pattern on the daily timeframe, indicating indecision between bulls and bears. The index remained below all key moving averages, with the medium- and long-term moving averages largely flat, while the short-term moving averages continued to trend downward. The 10-day EMA also fell below the 50-day and 100-day EMAs. The RSI declined to 42.86, while the MACD extended its downtrend below the zero line, with the red histogram bar expanding for another session. All these indicators point to continued weakness and a cautious market outlook in the near term.

2) Key Levels For The Bank Nifty (57,410)

Resistance based on pivot points: 57,677, 57,823, and 58,058

Support based on pivot points: 57,207, 57,062, and 56,827

Resistance based on Fibonacci retracement: 58,137, 58,706

Support based on Fibonacci retracement: 57,135, 56,870

Special Formation: The Bank Nifty formed a bearish candle with wicks on both sides, indicating weakness amid volatility, after erasing all of its previous day's gains and closing 1.06 percent lower. The index slipped below its short-term moving averages, signalling caution. However, the broader structure remains positive as the index continues to trade above its medium- and long-term moving averages. The RSI and MACD have remained largely sideways for several sessions, indicating a lack of strong directional momentum. Overall, the technical setup points to cautious consolidation in the near term, with the index likely to remain range-bound unless it breaks decisively above resistance or below key support levels.

3) Nifty Call Options Data

According to the weekly options data, the 24,200 strike holds the maximum Call open interest (with 73.94 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 (72.31 lakh contracts) and 24,100 strike (64.2 lakh contracts).

Maximum Call writing was observed at the 24,100 strike, which saw an addition of 44.57 lakh contracts, followed by the 24,000 and 24,200 strikes, which added 43.88 lakh and 41.89 lakh contracts, respectively. There was hardly any Call unwinding seen in the 23,500-24,650 strike band.

4) Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 23,500 strike (with 61.94 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 24,000 strike (53.5 lakh contracts) and the 23,600 strike (48.35 lakh contracts).

The maximum Put writing was placed at the 23,500 strike, which saw an addition of 33.17 lakh contracts, followed by the 24,000 and 23,600 strikes, which added 27.47 lakh and 18.54 lakh contracts, respectively. There was hardly any Put unwinding seen in the 23,500-24,650 strike band.

5) Bank Nifty Call Options Data

According to the monthly options data, the 57,500 strike holds the maximum Call open interest, with 19.56 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 58,000 strike (13.59 lakh contracts) and the 58,500 strike (5.93 lakh contracts).

Maximum Call writing was observed at the 58,000 strike (with the addition of 1.17 lakh contracts), followed by the 57,700 strike (77,190 contracts) and 57,500 strike (73,170 contracts). The maximum Call unwinding was seen at the 58,300 strike, which shed 30,930 contracts, followed by the 58,500 and 56,500 strikes, which shed 13,260 and 510 contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 57,500 strike (with 19.41 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 58,000 strike (9.74 lakh contracts) and the 57,000 strike (8.37 lakh contracts).

The maximum Put writing was placed at the 57,700 strike (which added 52,500 contracts), followed by the 57,000 strike (44,520 contracts) and 56,900 strike (25,110 contracts). The maximum Put unwinding was seen at the 58,000 strike, which shed 77,730 contracts, followed by the 57,800 and 57,300 strikes which shed 46,230 and 46,140 contracts, respectively.

7) Funds Flow (Rs crore)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 0.89 on September 1, compared to 0.91 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

India VIX, which measures expected market volatility, ended flat at 11.19 after moving in a broad intraday range of 9.25-12.12. The volatility index also remained below its short-term moving averages and in the lower range, indicating subdued anxiety among market participants. Overall, the setup suggests that volatility is likely to remain contained in the near term, although a sharp move in the index could lead to a pickup in volatility.

10) Long Build-up (12 Stocks)

A long build-up was seen in 12 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (89 Stocks)

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

12) Short Build-up (76 Stocks)

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

13) Short-Covering (37 Stocks)

37 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.