By Vineet Kumar 
Trade Setup for Friday: Top Things to Know Before the Opening Bell
The markets remain volatile, and understanding key levels and trends is crucial to staying ahead. Here’s your comprehensive trade setup for Friday, covering Nifty 50, Bank Nifty, and options data to help you make informed decisions.
Nifty 50 Analysis
The Nifty 50 has been under pressure for the past four sessions, declining by 1% on December 19 due to the Federal Reserve’s hawkish stance on 2025 rate cuts. Despite the sell-off, the index managed to defend the 23,900 level on a closing basis.
Support Levels:
23,891, 23,859, and 23,808 (Pivot Points).
23,700 (200-day EMA).
Resistance Levels:
23,994, 24,025, and 24,077 (Pivot Points).
24,050 (50% Fibonacci retracement).
24,350 (Key moving averages – 10, 20, and 100 DEMA).
Special Formation:
The Nifty formed a bullish candlestick pattern with a minor upper shadow, indicating some buying interest. The index is trading near the lower Bollinger Band, signaling potential support. However, momentum indicators like RSI (40) and MACD are showing a negative crossover, reflecting underlying weakness.
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Bank Nifty Analysis
The Bank Nifty also declined by 1% and is nearing the lower band of its Bollinger Bands. The index is trading below all major moving averages except the 200-day EMA, indicating bearish momentum.
Support Levels:
51,342, 51,218, and 51,017 (Pivot Points).
50,000 (Maximum Put OI).
Resistance Levels:
52,124 and 52,684 (Fibonacci retracement).
54,000 (Maximum Call OI).
Special Formation:
A bullish candlestick pattern with shadows on both sides suggests heightened volatility. Negative signals from RSI and MACD persist.
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Options Data Analysis
Nifty Call Options
Key Resistance Levels:
25,000 (Maximum OI: 1.13 crore contracts).
24,500 and 25,500 (Significant OI).
Major Call Writing:
At 25,000, 24,000, and 25,500 strikes.
Nifty Put Options
Key Support Levels:
24,000 (Maximum OI: 82.47 lakh contracts).
23,000 and 23,500 (Significant OI).
Major Put Writing:
At 23,000, 22,500, and 24,000 strikes.
Bank Nifty Call Options
Key Resistance Levels:
54,000 (Maximum OI: 41.87 lakh contracts).
53,500 and 53,000 (Significant OI).
Major Call Writing:
At 51,500, 52,000, and 51,600 strikes.
Bank Nifty Put Options
Key Support Levels:
50,000 (Maximum OI: 16.55 lakh contracts).
51,000 and 51,500 (Significant OI).
Major Put Writing:
At 51,500, 49,500, and 51,300 strikes.
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Put-Call Ratio (PCR)
The Nifty PCR rose to 0.91 on December 19, up from 0.55 in the previous session.
A PCR above 0.7 indicates more Put selling, hinting at a bullish sentiment.
If PCR falls below 0.7, bearish sentiment may dominate.
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Final Thoughts
The markets are likely to consolidate in the near term, with critical support at 23,900 for the Nifty and 51,000 for Bank Nifty. A break below these levels could trigger further downside, while resistance at 24,050 and 24,350 for the Nifty and 52,000 for Bank Nifty will be key hurdles for any recovery.
Stay cautious and keep an eye on options data and momentum indicators to gauge the market’s next move.
For more insightful analysis and updates, visit TradingThought.
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Hi Laurion,
Thank you for reaching out! I appreciate your interest in my articles. You’re welcome to quote short excerpts from my posts as long as proper credit and a direct link to the original article on TradingThought.com are provided.
Please avoid republishing full articles without prior permission.
Best regards,
Vineet Kumar
TradingThought.com
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