Trade setup for July 15: Can NIFTY50 defend 24,000 on Wednesday? Check details

On the daily charts, the index defended the crucial support of the 20-day EMA near the 24,000 zone. The index made an inverted hammer candlestick pattern, suggesting a bearish outlook on Wednesday. Crude oil prices advanced for the third consecutive session as the situation in the Middle East remained tense. Brent crude oil prices jumped above $85 per barrel on Wednesday morning amid fresh strikes by the US on Iran. Meanwhile, President Trump decided to abandon the 20% fee on cargoes shipped through the Strait, in exchange for trade and investment deals by various Gulf countries with the US.