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

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

Dragged by banking and auto stocks, benchmark indices closed lower for the fourth straight session on July 23.


Sensex closed 48.39 points lower at 37,982.74 while Nifty slipped 15.20 points to end at 11,331.

"A small body of the negative candle was formed, besides the similar negative candle of Monday. Technically, this pattern indicates a range movement in the market with weak bias," Nagaraj Shetti, Technical Research Analyst, HDFC Securities, told Moneycontrol.

The underlying trend of Nifty remains weak, a sustainable move above 11,400 levels could have a further positive impact on the market, he added.

Mustafa Nadeem, CEO, Epic Research, feels the index needs to surpass 11,690 to resume its uptrend.

The broader markets ended mixed with Nifty Midcap index falling 0.6 percent while the Smallcap index gained half a percent.

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

The key support and resistance level for Nifty

The Nifty closed at 11,331.05 on July 23. According to the pivot charts, the key support level is placed at 11,289.8, followed by 11,248.6. If the index starts moving upward, the key resistance levels to watch for out are 11,385.2 and 11,439.4.

Nifty Bank

The Nifty Bank closed at 29,128.10, down 156.85 points on July 23. The important pivot level, which will act as crucial support for the index, is placed at 29,015.6, followed by 28,903.1. On the upside, key resistance levels are placed at 29,303.2, followed by 29,478.3.

Call options data

Maximum Call open interest (OI) of 35.04 lakh contracts was seen at the 11,500 strike price. It will act as a crucial resistance level in the last week of the July series.

This is followed by 11,400 strike price, which now holds 34.71 lakh contracts in open interest, and 11,600, which has accumulated 23.35 lakh contracts in open interest.

Significant Call writing was seen at the 11,400 strike price, which added 5.29 lakh contracts, followed by an 11,500 strike price, which added 3.6 lakh contracts. This was followed by 11,300 strikes, which added 2.91 lakh contracts.

Call unwinding was seen at 11,600 strikes, which shed 9.24 lakh contracts, followed by 11,700 strikes, which shed 7.33 lakh contracts and 12,000 strikes, which shed 5.96 lakh contracts.

Maximum Put open interest of 39.60 lakh contracts was seen at 11,300 strike price. It will act as a crucial support level for the last week of the July series.

This is followed by an 11,200 strike price, which now holds 24.95 lakh contracts in open interest and an 11,000 strike price, which has now accumulated 18.73 lakh contracts in open interest.

Put writing was seen at the 11,200 strike price, which added 2.92 lakh contracts, followed by an 11,300 strike which added 1.49 lakh contracts and 11,100 strike, which added 1.3 lakh contracts.

Put unwinding was seen at the 11,600 strike price, which shed 4.91 lakh contracts, followed by an 11,500 strike that shed 4.78 lakh contracts and an 11,400 strike price which shed 2.78 lakh contracts.

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