Trade Setup for July 29: Top 15 things to know before the opening bell amid easing oil prices- Grow Mudra

Trade Setup for July 29: Top 15 things to know before the opening bell amid easing oil prices

29 Jul , 2026 By : Debdeep Gupta

The Nifty 50 witnessed directionless movement during the monthly F&O expiry session before ending 0.04 percent lower on July 28. The candlestick formation indicated choppy trading near the crucial resistance zone of 24,000-24,050 for another session, while the higher high-higher low formation remained intact for the second straight session, with the index defending the 50-day EMA. Meanwhile, VIX fell further, and oil prices corrected sharply for the third consecutive session amid growing hopes of de-escalation in West Asia. Therefore, if the index convincingly moves above 24,050, the 24,200-24,300 zone will be the immediate area to watch, followed by 24,400 (the 200-day EMA) as the next key hurdle. On the downside, support is placed in the 23,900-23,800 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 (23,985)

Resistance based on pivot points: 24,027, 24,047, and 24,080

Support based on pivot points: 23,961, 23,940, and 23,907

Special Formation: The Nifty 50 formed a small-bodied bullish candle with a minor upper shadow on the daily chart, indicating choppy trading with mild selling pressure at higher levels. The index tested the 10-day and 20-day EMAs intraday but failed to close above them, making these levels crucial for the next leg of the uptrend. However, it continued to hold above the 50-day EMA as well as the 38.2 percent Fibonacci retracement level of the June-July rally on a closing basis for another session. The RSI, at 49.26, remained flat, while the MACD stayed below the reference line, although the fading weakness in the histogram signalled weakening bearish momentum. Overall, these indicators suggest that the bearish momentum is easing, but a decisive move above the short-term moving averages is needed to confirm a stronger uptrend.

2) Key Levels For The Bank Nifty (56,756)

Resistance based on pivot points: 56,973, 57,063, and 57,209

Support based on pivot points: 56,682, 56,591, and 56,446

Resistance based on Fibonacci retracement: 57,253, 59,247

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

Special Formation: The Bank Nifty declined 0.58 percent and formed a small bearish candle with a minor upper shadow on the daily timeframe, indicating profit booking at higher levels. The index closed below the 50-day EMA as well as the previous session's low, but continued to hold above the long-term moving averages (100-day and 200-day EMAs). It also remained below the short-term moving average (20-day EMA at 57,300), which continued to trend downward. The RSI slipped to 45.95, while the MACD moved lower toward the zero line, with the appearance of a dark red bar in the histogram. Overall, these indicators suggest that bearish momentum has strengthened in the near term, while the inability to reclaim the short-term moving averages indicates that the ongoing consolidation could persist.

3) Nifty Call Options Data

According to the weekly options data, the maximum Call open interest was seen at the 24,000 strike (with 69.27 lakh contracts). This level can act as a key level for the Nifty in the short term. It was followed by the 24,500 strike (50.69 lakh contracts) and 24,200 strike (41.54 lakh contracts).

Maximum Call writing was observed at the 24,000 strike, which saw an addition of 37.63 lakh contracts, followed by the 24,100 and 24,500 strikes, which added 25.09 lakh and 21.83 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,700 strike, which shed 43,095 contracts.

4) Nifty Put Options Data

On the Put side, the 24,000 strike holds the maximum Put open interest (with 59.11 lakh contracts), which can act as a key level for the Nifty in the short term. It was followed by the 23,500 strike (41.46 lakh contracts) and the 23,700 strike (34.3 lakh contracts).

The maximum Put writing was placed at the 24,000 strike, which saw an addition of 30.83 lakh contracts, followed by the 23,500 and 23,800 strikes, which added 19.93 lakh and 13.97 lakh contracts, respectively. There was hardly any Put unwinding seen in the 23,450-24,500 strike band.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 57,000 strike, with 7.17 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 (3.51 lakh contracts) and the 56,000 strike (1.64 lakh contracts).

Maximum Call writing was observed at the 57,000 strike (with the addition of 1.86 lakh contracts), followed by the 57,500 strike (96,720 contracts) and 56,900 strike (80,070 contracts). The maximum Call unwinding was seen at the 56,400 strike, which shed 1,530 contracts, followed by the 56,300 and 56,200 strikes, which shed 960 and 210 contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the 57,000 strike holds the maximum Put open interest (with 6.04 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 56,000 strike (4.84 lakh contracts) and the 56,500 strike (3.4 lakh contracts).

The maximum Put writing was placed at the 57,000 strike (which added 1.19 lakh contracts), followed by the 56,000 strike (70,770 contracts) and 57,500 strike (66,540 contracts). The maximum Put unwinding was seen at the 57,200 strike, which shed 14,370 contracts, followed by the 56,300 and 57,300 strikes, which shed 7,830 and 2,850 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 1.05 on July 28, from 1.11 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 index, India VIX, extended its downtrend for another session, declining 0.77 percent to 12.56 and remaining below all key moving averages, which continues to favour bulls. However, the index needs to fall below the 12 mark for bulls to gain stronger confidence and for downside risk to reduce further.

10) Long Build-up (4 Stocks)

A long build-up was seen in 4 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (106 Stocks)

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

12) Short Build-up (6 Stocks)

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

13) Short-Covering (97 Stocks)

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

14) High Delivery Trades and High Rollovers

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.