Trade Setup for Friday: Top 15 things to know before Opening Bell

Jayant Manglik of Religare Broking said he reiterated consolidation view on Nifty and suggests maintaining 'buy on dips' approach.

The market reversed all its previous day gains and ended F&O expiry session at record closing high on May 30, driven by index heavyweights HDFC Twins and Reliance Industries ahead of Modi 2.0 government formation and Q4 GDP data due later in the day.


The BSE Sensex rallied 329.92 points to 39,831.97 while the Nifty 50 climbed 84.80 points to 11,945.90, forming a bullish candle on daily charts. The index gained 2.6 percent in May series.

"A long bull candle was formed, that has almost engulfed the negative candles of the last couple of sessions. We observe consistent higher low formations and the Nifty is sustaining above the immediate supports of 11,850 levels. The opening upside gap of 20th May is still unfilled, eight sessions after its formation. This is a positive indication," Nagaraj Shetty – Senior Technical & Derivative Analyst, HDFC Securities told Moneycontrol.

The near term uptrend structure remains intact and one may expect Nifty to advance towards the upper 12,050 levels soon, he said.

Jayant Manglik, President - Retail Distribution, Religare Broking said he reiterated consolidation view on Nifty and suggests maintaining 'buy on dips' approach.

Among the sectoral indices, banking holds the key for further surge else consolidation will continue, he feels.

The broader markets also participated in the rally. The Nifty Midcap index gained 0.8 percent and Smallcap index rose 0.4 percent.

We have collated 15 data points to help you spot profitable trades:

The key support and resistance level for Nifty

Nifty closed at 11,945.90 on May 30. According to the Pivot charts, the key support level is placed at 11,880.7, followed by 11,815.5. If the index starts moving upward, key resistance levels to watch out are 11,989.8 and 12,033.7.

Nifty Bank

The Nifty Bank index closed at 31,537.10, up 241.55 points on May 30. The important Pivot level, which will act as crucial support for the index, is placed at 31,309.07, followed by 31,081.03. On the upside, key resistance levels are placed at 31,692.17, followed by 31,847.23.

Call options data

Maximum Call open interest (OI) of 36.45 lakh contracts was seen at the 12,000 strike price. This will act as a crucial resistance level for the June series.

This was followed by 12,500 strike price, which now holds 27.39 lakh contracts in open interest, and 12,200, which has accumulated 18.59 lakh contracts in open interest.

There was hardly any Call writing seen.

Call unwinding was seen at the strike price of 11,900, which shed 23.77 lakh contracts, followed by 12,000 strike price that shed 16.97 lakh contracts.

Maximum Put open interest of 31.75 lakh contracts was seen at 11,900 strike price. This will act as a crucial support level for the June series.

This was followed by 11,800 strike price, which now holds 28.46 lakh contracts in open interest and 11,700 strike price, which has now accumulated 18.57 lakh contracts in open interest.

Put writing was seen at the strike price of 11,900, which added 19.84 lakh contracts, followed by 11,800 strikes which added 7.59 lakh contracts.

Put unwinding was seen at the strike price of 12,000, which shed 5.24 lakh contracts, followed by 11,700 strike price that shed 3.9 lakh contracts.

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