Trade setup for March 24: Will NIFTY50 sustain the gap-up on Tuesday?

The GIFT Nifty futures suggest a sharp gap-up opening on Tuesday morning. The options data showed strong open interest near 23,000 levels, indicating a resistance, which will probably be breached at the opening. Experts believe the index should hold the 23,000 at closing for momentum to sustain.

NIFTY50
Max call OI:23,000

Max put OI:22,000

The NIFTY50 futures indicate a sharp gap-up opening on Tuesday morning after President Trump announced a ceasefire in the ongoing conflict. Following the announcement, crude oil prices slumped below $100 per barrel after hitting an intraday high of $114 per barrel. Consequently, the US markets also closed on average 1% higher across the board.

On the technical front, the NIFTY50 is expected to open above 23,000 levels. For the momentum to remain intact, the index must close above the 23,000 levels before it decides on the further direction.

On the options data front, the 22,000 puts hold the highest open interest for today’s expiration, indicating strong support. On the flip side, the 23,000 calls have the highest open interest, indicating strong resistance that will likely be violated at the opening on Tuesday.

Expiry outlook

Bullish outlook: Traders with bullish sentiment can execute a long call strategy by purchasing 23,000 calls. The strategy would turn profitable after the index moves above 23,042.
Bearish outlook: Traders with a bearish outlook can execute a long put strategy by purchasing a put strike of 23,000. The strategy would turn profitable after the index moves below the 22445 level.
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India’s NIFTY50 pared some gains in early morning trade, tracking a partial pullback in Asian markets as fragile optimism around a potential de-escalation in Middle East tensions faded.

After surging almost 900 points, or 4 percent, on Monday, GIFT Nifty pared some of its gains, trading 386 points, or 1.7 percent higher, at around 7:40 am.

Global cues remained mixed. Gold extended its slump and is on track for its longest losing streak on record.

Futures contracts for the S&P 500 Index erased early gains to fall 0.6 percent after a Wall Street Journal report said US allies in the Persian Gulf are inching towards joining the fight against Iran. Sentiment weakened further after an Iranian legislator ruled out negotiations with the US.

Asian markets also pared gains, with earlier gains of as much as 1.7 per cent moderating to around 0.8 per cent.

Meanwhile, the Bloomberg Dollar Spot Index advanced 0.3 percent, while yields on the two-year US Treasury rose four basis points amid expectations that higher crude oil prices could increase the probability of an interest-rate hike by the Federal Reserve.

Brent crude rose 3.5 percent to almost $103.50 per barrel, after plunging 11 percent on Monday when US President Donald Trump announced a delay in strikes on Iran’s energy assets. The Strait of Hormuz remained effectively shut, with only limited vessel movement through the key waterway.

On Monday, less than an hour after Trump said the US had held talks with Iran and would pause planned strikes, the Israeli military said it was “currently conducting strikes” on Iranian regime targets in the heart of Tehran.

According to a Reuters report, Israel confirmed it was carrying out operations in Tehran even as the United States signaled a temporary pause to its own planned military action.

Asian Paints, Shriram Finance, Titan Company, Interglobe Aviation, Grasim Industries were amongst major gainers on the NIFTY50 All the sectional indices are trading in the green with auto, bank, energy, pharma, PSU Bank, Private bank up 1-2%. Nifty Midcap and smallcap indices up 2% each.

Sensex Today | GR Infraprojects bags order value Rs 2,440.87 crore

The company has received an order value Rs 2,440.87 crore from NHAI for the construction of a greenfield section of NH-33 in Bihar.

G R Infraprojects was quoting at Rs 839.30, down Rs 4.25, or 0.50 percent. It has touched an intraday high of Rs 918.45 and an intraday high of Rs 837.20. It was traded with volumes of 60,246 shares, compared to its five day average of 3,462 shares, an increase of 1,640.41 percent.

In the last trading session, the share closed down 2.51 percent or Rs 21.70 at Rs 843.55.

The share touched a 52-week high of Rs 1,441.60 and a 52-week low of Rs 825.00 on June 10, 2025 and March 23, 2026, respectively. Currently, the stock is trading 41.78% below its 52-week high and 1.73% above its 52-week low. Market capitalization stands at Rs 8,121.11 crore.

Stock Market Today:

The Indian stock market opened sharply higher on Tuesday, following a rally in global markets amidst signs of de-escalation in the US-Iran war. The benchmarks Sensex and Nifty 50 gained over 2% in the opening trade.

The BSE Sensex jumped 1,516.08 points, or 2.09%, to open at 74,212.47, whereas the NSE Nifty 50 opened 365.80 points, or 1.62%, higher at 22,878.45. Bank NIFTY50 index opened at 52,384.80, up 947.05 points, or 1.84%.

On the global front, Asian markets traded higher, while the US stock market rallied overnight, after the US suspended strikes against Iranian power plants.

The rally in global markets came after US President Donald Trump extended his deadline for Iran to reopen the Strait of Hormuz. He said that the US will hold off striking Iranian power plants for five more days, and that US envoys have been holding talks with a “respected” Iranian leader, and Iran wants “to make a deal.” However, Iranian officials denied any such negotiations.

Gold Rate Today

Gold prices fell more than 1%, extending their slides to a tenth straight session, pressured by a firm US dollar and fading hopes for near-term Federal Reserve interest rate cuts. Spot gold prices fell 1.4% to $4,345.48 per ounce, while US gold futures for April delivery fell 1.3% to $4,348.60. Spot silver prices declined 2.5% to $67.37 per ounce.

Crude Oil Prices

Crude oil prices rose on supply fears as Iran denied it had held talks with the US to end the war in the Gulf. Brent futures rallied 2.03% to $101.97 a barrel, while US West Texas Intermediate (WTI) climb 2.92% to $90.70.

Remain tuned to this segment for the latest news of the Indian stock market today.

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