Nifty Monthly Expiry: 22,800 Key Hurdle, 22,700 Support in Focus

The Nifty 50 witnessed a recovery during Tuesday's trading session on October 27, 2026, ahead of the monthly derivatives expiry. After slipping towards 22,680 in early trade, the index rebounded to around 22,775–22,790, bringing the 22,800 level into focus.

Options data indicates considerable positioning on both sides, with total call open interest (OI) at 3,142.25 lakh and put OI at 3,234.03 lakh. The Put-Call Ratio (PCR) stands at 1.0292, suggesting relatively balanced positioning with a marginal advantage for puts.

Meanwhile, maximum pain is positioned at 22,750, making it an important reference level for the expiry session.

22,800 Immediate Hurdle; 23,000 Holds Highest Call OI

The 23,000 strike carries the highest call OI at approximately 290 lakh contracts, followed by 22,800 with around 210 lakh contracts.

Fresh call additions are also concentrated at these strikes. The 23,000 strike recorded additions of approximately 112 lakh contracts, while 22,800 witnessed around 109 lakh contracts.

This makes 22,800 the immediate resistance for Nifty. A sustained move above this level, accompanied by call unwinding, could push the index towards 22,900. However, 23,000 remains the stronger resistance, where substantial call positioning could restrict further upside.

Strong Put Writing Makes 22,700 Crucial Support

On the put side, 22,700 has attracted the highest fresh additions of approximately 142 lakh contracts, while total put OI at this strike stands near 250 lakh contracts.

The 22,500 strike also holds substantial put OI, followed by 22,600. Meanwhile, fresh put additions at 22,750 suggest that traders are building positions closer to the prevailing market price.

As long as Nifty sustains above 22,750–22,700, the immediate support structure remains intact. However, a break below 22,700 could trigger further weakness towards 22,600, followed by 22,500.

Key Nifty Levels for Monthly Expiry

Nifty Monthly Expiry Outlook: Can Bulls Cross 22,800?

The options setup suggests that Nifty could remain within the 22,700–22,800 range unless fresh buying or unwinding of existing positions triggers a breakout.

A sustained move above 22,800 could extend the recovery towards 22,900, followed by 23,000. Conversely, failure to hold 22,750 may bring 22,700 back into focus, with a breakdown potentially opening the way towards 22,600.

The PCR of 1.03 reflects broadly balanced positioning, while maximum pain at 22,750 suggests that this level could remain relevant during the expiry session.

For now, Nifty's immediate direction hinges on 22,800 resistance and 22,700 support. A decisive move beyond either level, supported by changes in open interest, could determine the next intraday move. Traders should remain cautious as expiry-related position adjustments may lead to sudden volatility.