Trade Setup for July 24: Top 15 things to know before the opening bell with oil above $100 amid Middle East tensions- Grow Mudra

Trade Setup for July 24: Top 15 things to know before the opening bell with oil above $100 amid Middle East tensions

24 Jul , 2026 By : Debdeep Gupta

The Nifty 50 remained under pressure for a fourth consecutive session, falling 0.53 percent on July 23 and slipping below all its key moving averages, as crude oil prices surpassed the $100-a-barrel mark amid escalating tensions in the Middle East. Momentum indicators also pointed to strengthening bearish momentum. The recent weakness has dragged the index close to the crucial 23,800 support level. If the index decisively breaks below this support, a decline towards the 23,650-23,600 zone cannot be ruled out. A breach below this zone could expose the index to the 23,500 level, which is expected to act as the next crucial support. On the upside, the 24,000-24,100 zone is likely to remain a key resistance area, according to experts.

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

1) Key Levels For The Nifty 50 (23,870)

Resistance based on pivot points: 23,959, 24,003, and 24,073

Support based on pivot points: 23,819, 23,776, and 23,706

Special Formation: On the daily charts, the Nifty 50 formed a small-bodied bearish candle with shadows on both sides, resembling a High Wave candlestick pattern, and slipped below all its key moving averages, signalling that bears are gaining control of the market. The index also moved closer to the 50 percent Fibonacci retracement of the recent rally from the June low to the July high, a level that is generally considered a strong support. The Relative Strength Index (RSI) declined further to 45.36, while the Moving Average Convergence Divergence (MACD) extended its decline below the zero line, with the red histogram bar expanding further. Overall, these indicators suggest that bearish momentum is strengthening.

2) Key Levels For The Bank Nifty (56,592)

Resistance based on pivot points: 56,844, 56,975, and 57,188

Support based on pivot points: 56,420, 56,289, and 56,077

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

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

Special Formation: The Bank Nifty slipped 0.94 percent after a gap-down opening and formed a bearish candlestick with wicks on both sides, indicating weakness amid heightened volatility. The banking index fell below its 20-day, 50-day, and 100-day exponential moving averages (EMAs). Although it breached the 200-day EMA intraday, it managed to close above the level. Meanwhile, the short-term moving averages continued to trend lower. Momentum indicators also weakened further, with the RSI falling to 44.2. The MACD maintained its downward bias, with the red histogram bar expanding further. Overall, these indicators suggest that bearish momentum is strengthening, although the 200-day EMA continues to provide an important support level.

3) Nifty Call Options Data

According to the monthly options data, the 24,000 strike holds the maximum Call open interest (with 1.29 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 (1.28 crore contracts) and 24,100 strike (98.57 lakh contracts).

Maximum Call writing was observed at the 23,900 strike, which saw an addition of 51.92 lakh contracts, followed by the 23,850 and 23,800 strikes, which added 31.94 lakh and 24.56 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,200 strike, which shed 22.45 lakh contracts, followed by the 24,050 and 24,000 strikes, which shed 5.27 lakh and 4.97 lakh contracts, respectively.

4) Nifty Put Options Data

On the Put side, the maximum Put open interest was observed at the 23,500 strike (with 89.4 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 23,800 strike (79.09 lakh contracts) and the 23,900 strike (64.63 lakh contracts).

The maximum Put writing was placed at the 23,850 strike, which saw an addition of 29.4 lakh contracts, followed by the 23,900 and 23,800 strikes, which added 25.09 lakh and 25.11 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,000 strike, which shed 59.32 lakh contracts, followed by the 24,200 and 24,100 strikes, which shed 39.86 lakh and 20.28 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 20.54 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 (11.73 lakh contracts) and the 57,500 strike (9.56 lakh contracts).

Maximum Call writing was observed at the 57,000 strike (with the addition of 6.05 lakh contracts), followed by the 56,500 strike (2.94 lakh contracts) and 56,800 strike (2.17 lakh contracts). The maximum Call unwinding was seen at the 58,000 strike, which shed 1.62 lakh contracts, followed by the 57,500 and 55,300 strikes, which shed 86,220 and 180 contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 56,000 strike (with 9.26 lakh contracts), which can act as a key support level for the index in the short term. This was followed by the 58,000 strike (8.8 lakh contracts) and the 55,500 strike (8.37 lakh contracts).

The maximum Put writing was placed at the 55,500 strike (which added 1.37 lakh contracts), followed by the 56,500 strike (1.18 lakh contracts) and 56,700 strike (88,470 contracts). The maximum Put unwinding was seen at the 57,000 strike, which shed 3.45 lakh contracts, followed by the 57,500 and 58,000 strikes, which shed 1.99 lakh and 1.47 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 0.80 on July 23, from 0.84 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 upward journey for another session, rising 1.37 percent to 13.47, signalling some discomfort among bulls. However, the volatility index is not yet at an alarming level, as long as it remains below the 15 mark. A sustained move above 15 could gradually make bulls more uncomfortable. Overall, this indicates that while market nervousness is increasing, panic has not yet set in.

10) Long Build-up (16 Stocks)

A long build-up was seen in 16 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 (69 Stocks)

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

13) Short-Covering (41 Stocks)

41 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.