Thursday session opened with a gap-down that scared most retail traders out of their positions. But if you were watching the 15-minute chart, the story was completely different. Nifty found support at 24,800 for the third time this week, creating a textbook triple-bottom pattern that set up one of the cleanest bounce trades we have seen in months.
The Triple Bottom Setup
The 24,800 level has been in play since Monday. Each test saw decreasing volume on the sell side and increasing buying pressure at the level. By Thursday, the pattern was unmistakable, sellers were exhausted.
Key observations from the session:
- Volume dried up below 24,820 on each test
- OI buildup at 24,800 PE suggested strong writer support
- The bounce off the third test came with 2x average volume
Options Flow Told the Story Early
Before price even confirmed the bounce, options flow was already signaling the move. 24,800 PE writers were adding positions aggressively during the morning session, while 25,000 CE saw fresh buying.
The put-call ratio at the 24,800 strike moved from 0.8 to 1.4 within the first hour, a clear sign that smart money expected the support to hold.
The Trade Setup
For those who caught it, the setup was straightforward:
- Wait for the third test of 24,800
- Confirm with a 15-min candle close above 24,820
- Enter 25,000 CE with a stop below 24,780
- Target: Previous day high at 25,100
Risk-reward came out to roughly 1:3, which is exactly the kind of setup we look for in expiry week trades.
The 24,800 level remains the key battleground for the coming week. As long as it holds, the bias stays bullish for a push toward 25,200. Watch for how OI builds at these strikes over the weekend, it will tell you everything you need to know about Monday open.
Frequently Asked Questions
- The Triple Bottom Setup
- The 24,800 level has been in play since Monday. Each test saw decreasing volume on the sell side and increasing buying pressure at the level. By Thursday, the pattern was unmistakable, sellers were exhausted. Key observations from the session: Volume dried up below 24,820 on each test OI buildup
- Options Flow Told the Story Early
- Before price even confirmed the bounce, options flow was already signaling the move. 24,800 PE writers were adding positions aggressively during the morning session, while 25,000 CE saw fresh buying. The putcall ratio at the 24,800 strike moved from 0.8 to 1.4 within the first hour, a clear sign th
- The Trade Setup
- For those who caught it, the setup was straightforward: 1. Wait for the third test of 24,800 2. Confirm with a 15min candle close above 24,820 3. Enter 25,000 CE with a stop below 24,780 4. Target: Previous day high at 25,100 Riskreward came out to roughly 1:3, which is exactly the kind of setup we
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