F&O Cues: Key support & resistance levels for Nifty 50
5paisa Research Team
10th December 2022 - 05:57 pm
Call writers in a firm grip, Nifty 50 to oscillate between 17400 and 17600 level on expiry day.
The gains garnered on Tuesday remained short-lived for the Indian equity market, as on Wednesday after a positive opening the market remained volatile for the entire trading session. In the second half of the trading, there was intense selling and we saw Nifty 50 falling by 0.50% or 88.3 points to close at 17415. Surprisingly the Nifty VIX saw a 5.11 % fall in today’s trade.
Activity in the F&O market for the weekly expiry on November 25, 2021, shows 17,500 to act as the first line of strong resistance followed by 17,600. The highest call option open interest (153336) for Nifty 50 stood at a strike price of 18,000. In terms of the highest addition of open interest in the call options front, it was at 17,600 in the last trading session. A total of 41,868 open interest was added at this strike price. The next highest call option open interest stands at 17,500 where total open interest stood at 131,414.
In terms of put activity, the highest put writing was seen at a strike price of 17,000 (14,277 open interest added on November 24), followed by 17,100 (11,202 open interest added on November 24). The highest put open interest unwinding was seen at a strike price of 17,500 (18,171 open interest shed on November 24).
Highest total put open interest (114,284) stood at a strike price of 17,000. This is followed by a strike price of 17,300, which saw a total put option open interest of 83,084 contracts.
Following table shows the difference between call and put options at strike price near to max pain of 17500.
|
Strike Price |
Open Interest (Call option) |
Open Interest (Put option) |
Diff(Put – Call) |
|
|||
|
17,200.00 |
12651 |
68247 |
55596 |
||||
|
17,300.00 |
16214 |
83044 |
66830 |
||||
|
17,400.00 |
57584 |
74793 |
17209 |
||||
|
17500 |
131414 |
68668 |
-62746 |
||||
|
17,600.00 |
130209 |
28921 |
-101288 |
||||
|
17,700.00 |
112586 |
16176 |
-96410 |
||||
|
17,800.00 |
129343 |
32040 |
-97303 |
||||
|
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|
|
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The Nifty 50 put call ratio (PCR) closed at 0.64 compared to 0.66 in the previous trading session. A PCR above 1 is considered bullish while a PCR below 1 is considered bearish.
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Tanushree Jaiswal
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