Nifty Weekly Expiry Today: Strong Put Writing at 23,600, PCR at 1.59; Can Nifty Cross 23,700?

The Nifty 50 continued its upward movement during the first hour of trading on Tuesday, November 3, 2026, as market participants positioned themselves ahead of the weekly derivatives expiry. The index advanced from the morning levels near 23,500 and moved towards 23,640, indicating buying interest at lower levels.

At the time of the options data snapshot, Nifty was hovering around 23,637–23,639. The index's recovery has placed it above the 23,600 mark, where a significant concentration of put open interest has developed.

The options chain indicates that market participants have built substantial put positions below the current market price, while call writing remains concentrated at higher strikes. This creates an important trading zone between 23,600 and 23,700.

Nifty Options Chain Shows Higher Put OI Than Call OI

The broader options positioning indicates that put open interest is considerably higher than call open interest ahead of the expiry.

Total put open interest stood at 4,044.75 lakh, compared with total call open interest of 2,522.93 lakh. This difference highlights the stronger concentration of positions on the put side of the options chain.

The Put Call Ratio stands at 1.5910, suggesting that put positioning is dominating the current derivatives setup.

The change in open interest figures also reflects increased activity among put writers. The displayed aggregate put change reached 4,099.13 lakh, compared with a call change of 2,564.94 lakh.

Such positioning generally indicates that market participants expect downside levels to remain protected. However, a high PCR does not necessarily guarantee further gains, particularly when significant call writing is visible immediately above the market price.

The maximum pain level is currently placed at 23,600, just below the prevailing index level.

23,600 and 23,500 Attract Heavy Put Writing

One of the most notable developments in the options chain is the concentration of put open interest at 23,500 and 23,600.
The 23,500 strike carries approximately 340 lakh contracts in put open interest, making it the largest concentration on the put side. The 23,600 strike follows closely with around 335 lakh contracts.

More importantly, the change in open interest chart indicates that fresh put positioning is particularly strong at 23,600.
The strike has witnessed additions of approximately 350 lakh contracts, while 23,500 has recorded around 335 lakh contracts in additions on the displayed chart.

The 23,550 strike has also seen considerable put additions, strengthening the support structure below the prevailing market price.

This makes 23,600 the first important downside level for Nifty during the expiry session.

If the index remains above 23,600, the existing put positioning could continue to support market sentiment.

However, if Nifty falls below 23,600 and put writers start closing their positions, the index could move towards 23,550 and subsequently 23,500.

Call Writers Build Positions at 23,700 and 23,800

While put writers are active at lower strikes, the call options data shows that market participants are also positioning for resistance at higher levels.

The 23,700 strike has the largest call open interest concentration, at approximately 250 lakh contracts. The 23,800 strike follows with around 245 lakh contracts.

Significant call positioning is also visible at 23,600 and 23,650, indicating that resistance is building close to the prevailing market price.

The change in open interest chart shows fresh call additions of approximately 190 lakh contracts at 23,650 and 185 lakh contracts at 23,700.

This makes the 23,650–23,700 zone particularly important for the remaining trading session.

With Nifty trading near 23,640, the index is approaching the first major area of call writing.

If buyers manage to push the index above 23,650 and call writers begin unwinding positions, the recovery could extend towards 23,700.

A sustained move beyond 23,700 could subsequently bring 23,750 and 23,800 into focus.

However, the sizeable concentration of call open interest at these levels suggests that further upside may require stronger buying momentum.

Maximum Pain at 23,600 Could Influence Expiry Movement

The maximum pain indicator has risen during the morning session and is currently positioned at 23,600.

Maximum pain represents the strike price at which the aggregate theoretical payout to option buyers would be the lowest at expiry, based on the prevailing open interest.

With Nifty trading around 23,639, the index is approximately 39 points above this level.

The proximity between the current market price and maximum pain makes 23,600 an important reference point.

However, maximum pain is not a guaranteed expiry settlement level, and its value can change as open interest shifts during the session.

Nifty Weekly Expiry Outlook: Key Levels to Watch

The overall derivatives setup points towards a positive bias, supported by substantial put positioning and a PCR of 1.59.
The immediate support is placed at 23,600, followed by 23,550 and 23,500. On the upside, 23,650 remains the first hurdle, followed by stronger resistance at 23,700 and 23,800.

As long as Nifty holds above 23,600, the possibility of another attempt towards 23,700 remains open.

A decisive breakout above 23,700, along with call unwinding, could create room for a further move towards 23,800.

On the other hand, a fall below 23,600 could weaken the immediate bullish setup and bring 23,500 into focus.

The key expiry range is currently 23,600–23,700, with the broader options positioning indicating potential movement between 23,500 and 23,800.

As weekly derivatives expire today, changes in put writing, call unwinding and intraday price movements will remain important in determining whether Nifty extends its recovery or consolidates near 23,600.