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

Trade setup for April 23: Top 15 things to know before the opening bell

23 Apr , 2025 By : Debdeep Gupta

Nifty Trade Setup

The northward journey continued in the Nifty 50 for the sixth consecutive session on April 22, as bulls maintained strong control over the market. The index traded near the upper line of the Bollinger Bands, with a strong trend in momentum indicators, signaling a positive bias. Hence, as long as the index holds 24,000 (as support) despite consolidation, the immediate hurdle remains at 24,200. A move above this level could open the way towards 24,300–24,350 (which coincides with the upper line of the Bollinger Bands), followed by 24,550, which is seen as a crucial resistance, according to experts.

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

1) Key Levels For The Nifty 50 (24,167)

Resistance based on pivot points: 24,226, 24,266, and 24,331

Support based on pivot points: 24,095, 24,055, and 23,990

Special Formation: The Nifty 50 formed a small bearish candle with upper and lower shadows, resembling a Doji-like candlestick pattern at the highs on the daily charts, indicating indecision among bulls after a consistent six-day run. However, the overall trend remains strong, with the continuation of higher highs and higher lows for the sixth straight day. The index also traded well above all key moving averages and remained above the 50 percent Fibonacci retracement. The momentum indicators—Relative Strength Index (RSI) at 65.97—trended higher, while the MACD maintained its positive crossover with a healthy histogram.

2) Key Levels For The Bank Nifty (55,647)

Resistance based on pivot points: 55,891, 56,061, and 56,335

Support based on pivot points: 55,343, 55,174, and 54,900

Resistance based on Fibonacci retracement: 56,307, 58,648

Support based on Fibonacci retracement: 54,012, 52,806

Special Formation: The Bank Nifty remained in uncharted territory for another session, trading well above the upper line of the Bollinger Bands. The index rose 343 points with above-average volumes and formed a bullish candlestick pattern with an upper shadow on the daily timeframe. Furthermore, the index sustained well above all key moving averages, while all short-term and medium-term moving averages trended upward. The RSI at 76.51 maintained its upward trajectory, and the MACD retained its positive crossover with a healthy trend in the histogram.

3) Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 25,000 strike (with 1.25 crore contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 24,500 strike (95.59 lakh contracts), and the 24,200 strike (92.63 lakh contracts).

Maximum Call writing was observed at the 24,400 strike, which saw an addition of 22.28 lakh contracts, followed by the 25,000 and 24,200 strikes, which added 17.64 lakh and 17.47 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,000 strike, which shed 10.91 lakh contracts, followed by 23,500 and 24,050 strikes, which shed 4.99 lakh and 3.9 lakh contracts, respectively.

4) Nifty Put Options Data

On the Put side, the 24,000 strike holds the maximum Put open interest (with 1.09 crore contracts), which can act as a key support level for the Nifty. It was followed by the 23,500 strike (89.4 lakh contracts) and the 24,100 strike (69.68 lakh contracts).

The maximum Put writing was placed at the 24,200 strike, which saw an addition of 26.15 lakh contracts, followed by the 24,000 and 23,900 strikes, which added 20.5 lakh and 20.45 lakh contracts, respectively. The maximum Put unwinding was seen at the 23,400 strike, which shed 20.13 lakh contracts, followed by the 23,300 and 23,550 strikes, which shed 10.63 lakh and 4.7 lakh contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 56,000 strike, with 25.22 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 57,000 strike (19.48 lakh contracts) and the 55,500 strike (11.3 lakh contracts).

Maximum Call writing was visible at the 56,000 strike (with the addition of 6.08 lakh contracts), followed by the 57,000 strike (6.05 lakh contracts) and the 55,800 strike (5.56 lakh contracts). The maximum Call unwinding was seen at the 55,000 strike, which shed 4.7 lakh contracts, followed by the 55,500 and 55,300 strikes, which shed 3.13 lakh and 3.02 lakh contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the 55,000 strike holds the maximum open interest (with 23.78 lakh contracts), which can act as a key support level for the index. This was followed by the 54,000 strike (15.2 lakh contracts) and the 54,500 strike (12.44 lakh contracts).

The maximum Put writing was observed at the 55,000 strike (which added 5.1 lakh contracts), followed by the 55,500 strike (4.97 lakh contracts) and the 55,600 strike (4.23 lakh contracts). The maximum Put unwinding was seen at the 53,900 strike, which shed 1.12 lakh contracts, followed by the 54,100 and 54,900 strikes, which shed 79,590 and 57,390 contracts, respectively.

7) Funds Flow (Rs crore)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, dropped to 1.1 on April 22, against 1.15 in the 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, dropped to 15.23 levels—down by 1.84 percent—providing further comfort for the bulls. It has been trending downward for more than a week now.

10) Long Build-up (75 Stocks)

A long build-up was seen in 75 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (35 Stocks)

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

12) Short Build-up (58 Stocks)

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

13) Short-Covering (54 Stocks)

54 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.