Trade Setup for September 22: Top 15 things to know before the opening bell

As per the latest business developments, The Nifty 50 started the week on a positive note, rising 0.35 percent and extending its uptrend for the fourth straight session on September 21, supported by easing oil price marks, which declined below the $100-a-barrel mark. Momentum indicators additionally revealed improvement, with bearish momentum easing, although the index continued to trade below all key moving averages, signalling a weak broader structure. Going forward, the index may face resistance in the 23,500-23,600 zone, while a convincing move above 23,600 could open the door for further upside. On the downside, immediate backing is noted at 23,300, followed by the crucial 23,000 level, as per specialists.

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

1) Key Marks For The Nifty 50 (23,414)

Resistance based on pivot points: 23,457, 23,493, and 23,551

Backing based on pivot points: 23,341, 23,305, and 23,247

Special Formation: The Nifty 50 formed a bullish candle on the daily charts, but it remained within the long red candle of September 15, indicating a positive bias amid range-bound trading. The index continued to trade below its short- to long-term moving averages, although momentum indicators revealed a weakening of bearish momentum. The RSI advanced to 37.54 and sustained above its signal line. The MACD moved elevated but remained below the reference line, while the histogram softness faded for the fourth consecutive session. Overall, these indicators suggest that bearish momentum is gradually losing resilience.

2) Key Marks For The Bank Nifty (56,471)

Resistance based on pivot points: 56,622, 56,716, and 56,868

Backing based on pivot points: 56,317, 56,223, and 56,071

Resistance based on Fibonacci retracement: 57,285, 59,261

Backing based on Fibonacci retracement: 55,749, 55,050

Special Formation: The Bank Nifty formed a bullish candle with an upper shadow on the daily charts, but remained within the long red candle of September 15, indicating a positive bias despite pressure at elevated marks amid range-bound trading. The banking index additionally continued to trade below all key moving averages, while the RSI jumped to 44.62 following a positive crossover, although it remained below the 50 mark. The red histogram bar continued to contract for the fourth consecutive session, while the MACD line remained below the signal line. Overall, these indicators suggest that bearish momentum is gradually losing resilience, although the broader trend stays wary. 3) Nifty Call Options Data

According to the weekly options data, the maximum Call open interest was concentrated at the 23,500 strike (with 1.16 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 23,600 strike (1.07 crore contracts) and 23,700 strike (94.35 lakh contracts).

Maximum Call writing was observed at the 23,650 strike, which saw an addition of 37.23 lakh contracts, followed by the 23,600 and 23,550 strikes, which further noted 28 lakh and 25.79 lakh contracts, respectively. The maximum Call unwinding was noted at the 23,300 strike, which shed 35.3 lakh contracts, followed by the 23,350 and 23,200 strikes, which shed 23.87 lakh and 6.09 lakh contracts, respectively. 4) Nifty Put Options Data

On the Put side, the 23,400 strike holds the maximum Put open interest (with 1.6 crore contracts), which can act as a key backing level for the Nifty in the short term. It was followed by the 23,300 strike (1.58 crore contracts) and the 23,000 strike (1.23 crore contracts).

The maximum Put writing was placed at the 23,400 strike, which saw an addition of 1.12 crore contracts, followed by the 23,450 and 23,350 strikes, which further noted 56.61 lakh and 49.48 lakh contracts, respectively. The maximum Put unwinding was noted at the 23,900 strike, which shed 2.07 lakh contracts, followed by the 23,800 and 23,750 strikes, which shed 1.09 lakh and 15,990 contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was noted at the 58,000 strike, with 16.09 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 57,500 strike (14.51 lakh contracts) and the 57,000 strike (11.24 lakh contracts).

Maximum Call writing was observed at the 56,600 strike (with the addition of 1.46 lakh contracts), followed by the 57,000 strike (48,630 contracts) and 56,700 strike (47,220 contracts). The maximum Call unwinding was noted at the 56,300 strike, which shed 33,900 contracts, followed by the 56,000 and 56,200 strikes, which shed 32,280 and 30,780 contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the 57,500 strike holds the maximum Put open interest (with 13.92 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 56,000 strike (10 lakh contracts) and the 56,500 strike (7.69 lakh contracts).

The maximum Put writing was placed at the 56,500 strike (which further noted 95,700 contracts), followed by the 56,400 strike (85,920 contracts) and 56,600 strike (79,680 contracts). The maximum Put unwinding was noted at the 57,500 strike, which shed 1.16 lakh contracts, followed by the 55,200 and 56,300 strikes which shed 29,040 and 27,690 contracts, respectively. 7) Funds Flow (Rs crore) 8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, rose to 1.2 on September 21, compared to 1.06 in previous session.

The increasing PCR, or being elevated 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 elevated than selling in Puts, reflecting a bearish mood in the market. 9) India VIX

India VIX, which measures anticipated market volatility, declined for the fourth consecutive session and remained below its short- to medium-term moving averages for another session, indicating continued comfort for bulls. The volatility index declined 1.43 percent on Monday to 11.22. Sustaining below the 12 zone could keep bulls comfortable and help the market stay stable. 10) Long Build-up (67 Stocks)

A long build-up was noted in 67 stocks. An gain in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (25 Stocks)

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

12) Short Build-up (71 Stocks)

71 stocks saw an gain in OI along with a decline in price, indicating a build-up of short positions.

13) Short-Covering (51 Stocks)

51 stocks saw short-covering, meaning a decrease in OI, along with a price gain.

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.

15) Stocks Under F&O Ban

Securities banned under the F&O segment include firms where derivative contracts cross 95 percent of the market-wide position limit.

Stocks further noted to F&O ban: LIC Housing Finance

Stocks retained in F&O ban: Bandhan Bank, Inox Wind, Manappuram Finance, SAIL

Stocks removed from F&O ban: Nil