Trade Setup for October 23: Top 15 things to know before the opening bell

In terms of key levels, 22,500 is expected to act as crucial support for the Nifty 50, and a decisive break below this level could intensify selling pressure. On the upside, any rebound may encounter resistance in the 22,800–22,900 zone, followed by the key psychological hurdle at 23,000. Here are 15 data points we have collated to help you spot profitable trades: 1) Key Levels For The Nifty 50 (22,688)

Resistance based on pivot points: 22,764, 22,818, and 22,906 Support based on pivot points: 22,588, 22,534, and 22,446 Special Formation: The Nifty 50 formed a Doji candlestick pattern on the daily chart, indicating indecision between bulls and bears. The formation was accompanied by high trading volumes. The index continued to trade below all key moving averages as well as the midline of the Bollinger Bands.

Among momentum indicators, the Relative Strength Index (RSI) declined further to 43.98 but remained above its signal line. The Moving Average Convergence Divergence (MACD) flattened out but continued to trade above its reference line, while the green MACD histogram bar contracted for another consecutive session. Overall, these indicators point to weakening momentum and continued uncertainty in the near-term market outlook.

2) Key Levels For The Bank Nifty (54,926) Resistance based on pivot points: 55,098, 55,257, and 55,515 Support based on pivot points: 54,582, 54,423, and 54,165 Resistance based on Fibonacci retracement: 55,657, 56,238 Support based on Fibonacci retracement: 54,053, 52,784 Special Formation: The Bank Nifty closed 0.09 percent lower after staging a significant recovery from the day's low. On the daily chart, the index formed a bullish candle with noticeable upper and lower shadows, resembling a high-wave candlestick pattern and indicating indecision and heightened volatility at current levels.

Despite the recovery, the banking index continued to trade below all key moving averages. Momentum indicators remained weak, with the RSI registering a bearish crossover and the Stochastic RSI staying below its signal line. The MACD continued to trend lower but remained above its signal line, while the green MACD histogram bar contracted for the third consecutive session. Overall, these indicators suggest persistent bearish pressure, fading bullish momentum and a lack of clear directional conviction.

3) Nifty Call Options Data According to the monthly options data, the 23,000 strike holds the maximum Call open interest (with 1.55 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 23,200 strike (1 crore contracts) and 23,100 strike (94.36 lakh contracts). Maximum Call writing was observed at the 22,600 strike, which saw an addition of 16.11 lakh contracts, followed by the 22,650 and 23,150 strikes, which added 11.04 lakh and 6.26 lakh contracts, respectively.

The maximum Call unwinding was seen at the 22,900 strike, which shed 16.05 lakh contracts, followed by the 23,200 and 22,950 strikes, which shed 11.63 lakh and 8.77 lakh contracts, respectively. 4) Nifty Put Options Data On the Put side, the maximum Put open interest was seen at the 22,500 strike (with 92.55 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 22,600 strike (85.75 lakh contracts) and the 22,700 strike (73.66 lakh contracts).

The maximum Put writing was placed at the 22,600 strike, which saw an addition of 30.34 lakh contracts, followed by the 22,650 and 22,550 strikes, which added 17.29 lakh and 15.97 lakh contracts, respectively. The maximum Put unwinding was seen at the 23,000 strike which shed 16.48 lakh contracts, followed by the 22,800 and 22,900 strikes, which shed 12.93 lakh and 7.68 lakh contracts, respectively.

5) Bank Nifty Call Options Data According to the monthly options data, the 56,000 strike holds the maximum Call open interest, with 15.64 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 55,000 strike (11.86 lakh contracts) and the 55,500 strike (10.7 lakh contracts). Maximum Call writing was observed at the 54,700 strike (with the addition of 43,260 contracts), followed by the 55,700 strike (36,750 contracts) and 55,200 strike (30,870 contracts).

The maximum Call unwinding was seen at the 55,500 strike, which shed 84,840 contracts, followed by the 55,000 and 55,600 strikes, which shed 77,040 and 60,030 contracts, respectively. 6) Bank Nifty Put Options Data On the Put side, the maximum Put open interest was seen at the 55,000 strike (with 11.11 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 54,000 strike (7.68 lakh contracts) and the 55,500 strike (7.11 lakh contracts).

The maximum Put writing was placed at the 54,500 strike (which added 2.87 lakh contracts), followed by the 54,600 strike (54,630 contracts) and 54,700 strike (53,250 contracts). The maximum Put unwinding was seen at the 55,000 strike, which shed 1.49 lakh contracts, followed by the 54,800 and 56,000 strikes, which shed 85,140 and 57,900 contracts, respectively. 7) Funds Flow (Rs crore) The Nifty Put-Call ratio (PCR), which indicates the mood of the market, rose to 0.88 on October 22, compared to 0.78 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. 10) Long Build-up (32 Stocks) A long build-up was seen in 32 stocks.

An increase in open interest (OI) and price indicates a build-up of long positions. 11) Long Unwinding (70 Stocks) 70 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12) Short Build-up (74 Stocks) 74 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13) Short-Covering (41 Stocks) 41 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: Ambuja Cements, Kaynes Technology India, SAIL Stocks removed from F&O ban: Nil