Despite the global market uncertainty and volatility, the GIFT NIFTY futures traded 20 points higher, indicating a positive start for NIFTY50 on Monday.
Brent crude oil prices surged over 4% on Friday near to $110 per barrel amid elevated freight costs and demand supply mismatch drove the prices higher. The Middle East region continues to remain volatile after the Houthi’s attacked Saudi Arabia recently.
The US markets extended the fall on Friday, for the eighth consecutive session amid continued selloff in the tech stocks. The NASDAQ 100 index fell the most at 2.5%, while the Dow Jones and S&P 500 1.1%, Dow Jones erased early gains to end 175 points lower.
The Asian markets opened mixed amid sustained selling in the chipmakers in Asia. Japan’s Nikkei fell the most by 1.2%, while Korean KOSPI dropped 0.3%. On the flipside, Hong Kong’s Hang Seng index surged 0.52% on Monday morning.
NIFTY50 chart summary
NIFTY50 logged the best weekly gains since April, 2026, surging 2.78% in the previous week. Besides this, the index also closed above crucial resistance levels. On the hourly charts, the index sustained above 20 and 50 EMA for the four consecutive sessions, indicating sustained bullish momentum in the short term.
The daily charts price action indicates a sustained reversal from lower levels.The index also managed to defend the medium term 20-day moving average for two sessions and closed above 23,000 psychological resistance level, showing revived momentum. Similarly on the weekly charts, the index defended weekly 200 EMA, indicating trend reversal on the long-term charts. Going forward, 23,400 remains the near-term resistance and 23,700 as near-term support.
NIFTY50 open interest summary
The open interest data for today’s weekly expiry indicates a range of 22,700 to 23,500. The 23,500 calls held the highest open interest, indicating a strong resistance for todays expiry. Similarly, on the flipside, the 22,700 puts held the highest open interest indicating a near-term support on Today’s expiry.