Trade Setup for September 28: Top 15 things to know before the opening bell

According to fresh market updates, The Nifty 50 rebounded in the final couple of hours of trade, particularly after falling closer to the psychological level of 23,000, and ended 0.34 percent elevated on September 25. That stated, the index declined 0.88 percent for the week. The broader technical structure stays weak, with the index continuing to form softer highs and softer lows. In the meantime, crude prices and US 10-year Treasury yields remained elevated, although both eased somewhat. Against this backdrop, 23,000 is anticipated to stay a crucial backing level going ahead. A sustained break below this level could drag the index towards 22,800-22,700. On the upside, if the Nifty holds above 23,000, it could move towards the 23,300-23,500 zone, as per specialists.

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

1) Key Marks For The Nifty 50 (23,140)

Resistance based on pivot points: 23,162, 23,196, and 23,250

Backing based on pivot points: 23,054, 23,020, and 22,966

Special Formation: The Nifty 50 formed a bullish candle on the daily timeframe after recovering from the day's low of 23,021, indicating a potential positive move. That stated, the recovery lacks resilience, as the broader structure stays in favour of the bears. All key moving averages keep indicate a downtrend. The momentum indicators remained sideways with a weak bias, with the RSI rising to 34.23 but still well below the 40 mark. The MACD remained below the signal line, although the softness in the histogram eased somewhat. Overall, these indicators suggest that the recent recovery lacks sufficient resilience, with the broader bearish structure remaining intact.

2) Key Marks For The Bank Nifty (55,580)

Resistance based on pivot points: 55,721, 55,813, and 55,961

Backing based on pivot points: 55,424, 55,332, and 55,183

Resistance based on Fibonacci retracement: 55,897, 57,285

Backing based on Fibonacci retracement: 55,050, 54,055

Special Formation: The Bank Nifty defended the previous day's low and bounced back to end 0.26 percent elevated on Friday. The index formed a bullish candle with a noticeable upper wick, indicating some positive momentum, although selling pressure persisted at elevated marks. The index traded below all key moving averages, with the short- and medium-term moving averages continuing to trend softer. It additionally remained below the 50 percent Fibonacci retracement level of the surge from the May low to the June high. The RSI remained below the 40 mark, although it edged up marginally to 37.82 amid a sideways trend. The MACD stayed below the signal line, while the histogram indicated an expansion in softness. Overall, these technical indicators suggest that the index stays under pressure, with the broader trend continuing to favour the bears. 3) Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was noted at the 23,500 strike (with 1.41 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 23,400 strike (98.2 lakh contracts) and 23,300 strike (96.73 lakh contracts).

Maximum Call writing was observed at the 23,100 strike, which saw an addition of 20.11 lakh contracts, followed by the 23,550 and 23,050 strikes, which further noted 11.64 lakh and 10.07 lakh contracts, respectively. The maximum Call unwinding was noted at the 23,250 strike, which shed 39.29 lakh contracts, followed by the 23,200 and 23,300 strikes, which shed 25.62 lakh and 19.82 lakh contracts, respectively. 4) Nifty Put Options Data

On the Put side, the 23,000 strike holds the maximum Put open interest (with 1.44 crore contracts), which can act as a key backing level for the Nifty in the short term. It was followed by the 23,100 strike (1.09 crore contracts) and the 22,800 strike (89.78 lakh contracts).

The maximum Put writing was placed at the 23,050 strike, which saw an addition of 35.46 lakh contracts, followed by the 23,100 and 23,000 strikes, which further noted 33.6 lakh and 26.77 lakh contracts, respectively. The maximum Put unwinding was noted at the 23,500 strike, which shed 8.17 lakh contracts, followed by the 23,600 and 23,400 strikes, which shed 5 lakh and 4.25 lakh contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was noted at the 57,000 strike, with 13.73 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 56,500 strike (11.24 lakh contracts) and the 56,000 strike (10.15 lakh contracts).

Maximum Call writing was observed at the 54,900 strike (with the addition of 1.04 lakh contracts), followed by the 54,600 strike (52,320 contracts) and 56,600 strike (35,130 contracts). The maximum Call unwinding was noted at the 57,000 strike, which shed 1.59 lakh contracts, followed by the 56,700 and 56,900 strikes, which shed 82,650 and 71,280 contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the 55,000 strike holds the maximum Put open interest (with 7.36 lakh contracts), which can act as a key backing level for the index in the short term. This was followed by the 55,500 strike (6.91 lakh contracts) and the 56,000 strike (6.74 lakh contracts).

The maximum Put writing was placed at the 55,300 strike (which further noted 2.69 lakh contracts), followed by the 55,600 strike (1.6 lakh contracts) and 55,200 strike (1.1 lakh contracts). The maximum Put unwinding was noted at the 57,000 strike, which shed 1.03 lakh contracts, followed by the 56,500 and 56,400 strikes which shed 83,160 and 78,180 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 0.97 on September 25, compared to 0.81 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

The India VIX, which measures anticipated market volatility, eased 4.16 percent on Friday to end at 12.16, after surging nearly 23 percent in the previous session. The volatility index needs to cool further, falling well below the 12 zone, to provide greater comfort to the bulls. Until then, caution is likely to prevail in the bulls' camp. 10) Long Build-up (77 Stocks)

A long build-up was noted in 77 stocks. An gain in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (31 Stocks)

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

12) Short Build-up (48 Stocks)

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

13) Short-Covering (57 Stocks)

57 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: Nil

Stocks retained in F&O ban: Kaynes Technology India, LIC Housing Finance, Manappuram Finance, SAIL

Stocks removed from F&O ban: Nil