Trade setup for Aug 3: Can NIFTY50 cross 24,500 on Monday? Check details
Indian stock market analysts are evaluating the NIFTY50's potential to cross 24,500 points following positive global cues and a sharp decline in crude oil prices. The market shows signs of strong support but potential short-term exhaustion.
Why it matters
Market performance in India is highly sensitive to global energy prices and tech sector volatility, impacting investor strategy.
The 24,000 puts hold the highest open interest, indicating strong support on the downside. Meanwhile, the 24,000 to 24,300 puts show strong open interest concentration, indicating strong downside protection for NIFTY50 Crude oil futures opened in the red on Monday morning after the US cancelled attacks on Iran. President Trump said the peace talks with Iran will resume today. Brent crude oil futures fell 7% to hit the $82 per barrel mark on Monday morning.
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The US stock market futures closed in the green on Friday, led by solid gains in tech stocks. The NASDAQ 100 soared 1%, followed by the S\&P 500 at 0.7% and the Dow Jones at 0.5%. Amazon Inc shares rose over 15% after earnings and boosted AI-related expenditure announcements.
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