Trade setup for March 10: Top 15 things to know before the opening bell amid Middle East turmoil and volatile oil prices

Nifty Trade setup for March 10

• Bearish chart pattern of lower highs and lower lows remains intact
• Momentum indicators being in oversold zone signal possibility of some bounce
• Nifty may face resistance at 24,300–24,500
• Crucial support seen at 23,700, Monday's low

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The Nifty 50 closed off the day's low with a 1.73 percent loss after a sharp gap-down opening on March 9, extending weakness for the second straight session as oil prices turned volatile amid Middle East tensions. The overall structure looks weak as the bearish chart pattern of lower highs and lower lows remains intact, while the VIX soared to a 21-month high. Momentum indicators being in the oversold zone signal the possibility of some bounce, but the sustainability of the upside bounce is the key to watch. The index may face resistance at 24,300–24,500; however, the crucial support is placed at 23,700, Monday's low, as only a decisive close below it can trigger a deeper correction, experts said.

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

1) Key Levels For The Nifty 50 (24,028)

Resistance based on pivot points: 24,080, 24,170, and 24,315

Support based on pivot points: 23,789, 23,700, and 23,554

Special Formation: The Nifty 50 formed a green candle with a long lower shadow on the daily timeframe after a gap-down opening, indicating a sharp downtrend with some upside recovery. The index fell decisively below the long upward-sloping support trendline, while the short-term moving averages crossed below the long-term moving averages. The RSI slipped to 28.89, i.e., below the oversold threshold, while the MACD widened the bearish gap, with the reference line below the zero line and expansion in the red histogram. All these indicators signal continued weakness in the broader trend, though the oversold condition may trigger a short-term bounce.

2) Key Levels For The Bank Nifty (56,020)

Resistance based on pivot points: 56,238, 56,475, and 56,858

Support based on pivot points: 55,471, 55,235, and 54,851

Resistance based on Fibonacci retracement: 56,803, 57,751

Support based on Fibonacci retracement: 55,313, 53,561

Special Formation: The Nifty Bank saw a major gap-down opening and fell over 3 percent, forming a small bearish candle with a long lower shadow on the daily timeframe, indicating a sharp downtrend with strong buying interest at lower levels. With Monday's fall, the index now trades 2.4 percent below its 200-day EMA, with short- and medium-term moving averages trending downward. The RSI dropped to the oversold zone at 24.88, the lowest reading since January 2025, while the MACD remained well below the zero and reference lines with further expansion in the red histogram. All these indicators suggest that the broader trend remains weak, although oversold readings could lead to intermittent pullbacks.

3) Nifty Call Options Data

According to the weekly options data, the maximum Call open interest was seen at the 24,500 strike (with 64.23 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,800 strike (63.35 lakh contracts) and 24,700 strike (51.03 lakh contracts).

Maximum Call writing was observed at the 24,000 strike, which saw an addition of 38.03 lakh contracts, followed by the 24,500 and 24,200 strikes, which added 29.65 lakh and 27.53 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,450 strike, which shed 2.22 lakh contracts, followed by the 24,700 and 24,650 strikes, which shed 36,920 and 15,990 contracts, respectively.

4) Nifty Put Options Data

On the Put side, the 23,500 strike holds the maximum Put open interest (with 82.52 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 23,800 strike (67.25 lakh contracts) and the 23,700 strike (59.51 lakh contracts).

The maximum Put writing was placed at the 23,700 strike, which saw an addition of 40.36 lakh contracts, followed by the 23,800 and 23,750 strikes, which added 35.17 lakh and 20.98 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,500 strike, which shed 25.91 lakh contracts, followed by the 24,400 and 24,300 strikes, which shed 21.5 lakh and 20.63 lakh contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 56,000 strike, with 3.86 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 55,000 strike (2.55 lakh contracts) and the 57,000 strike (2.2 lakh contracts).

Maximum Call writing was observed at the 56,000 strike (with the addition of 3.19 lakh contracts), followed by the 57,000 strike (1.53 lakh contracts) and 55,000 strike (1.48 lakh contracts). There was hardly any Call unwinding seen in the 55,000-57,750 strike band.

6) Bank Nifty Put Options Data

On the Put side, the 56,000 strike holds the maximum Put open interest (with 5.05 lakh contracts), which can act as a key level for the index. This was followed by the 55,000 strike (4.96 lakh contracts) and the 57,000 strike (3.5 lakh contracts).

The maximum Put writing was placed at the 56,000 strike (which added 91,140 contracts), followed by the 55,700 (45,240 contracts) and 55,800 (41,640 contracts). The maximum Put unwinding was seen at the 57,500 strike, which shed 1.36 lakh contracts, followed by the 57,000 and 56,500 strikes, which shed 87,765 and 49,920 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 0.99 on March 9, compared to a 0.84 in previous session.

The increasing PCR, or being higher 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 higher than selling in Puts, reflecting a bearish mood in the market.

9) India VIX

The fear gauge, India VIX, spiked 17.52 percent to 23.36, the highest closing level since June 2024, following a 45 percent rally in the previous week. This signals major discomfort for bulls.

10) Long Build-up (9 Stocks)

A long build-up was seen in 9 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (82 Stocks)

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

12) Short Build-up (100 Stocks)

100 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.

13) Short-Covering (19 Stocks)

19 stocks saw short-covering, meaning a decrease in OI, along with a price increase.

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 companies where derivative contracts cross 95 percent of the market-wide position limit.

Stocks added to F&O ban: Nil

Stocks retained in F&O ban: SAIL, Sammaan Capital

Stocks removed from F&O ban: Nil