Nifty Jumps Over 300 Points on Weekly Expiry: Heavy Put Writing at 23,600 and 23,700, While 23,800 Emerges as Key Resistance

The Nifty 50 was trading at 23,743.15, up 302.35 points or 1.29%, at 1:43 PM on November 3, 2026, as traders positioned themselves for the weekly options expiry. The options data showed substantial put open interest at lower strikes, while call positions remained concentrated above the prevailing market price.

Total put open interest stood at 44.58 crore compared with call open interest of 23.29 crore. The overall Put Call Ratio (PCR)was 1.9225, while the PCR for the selected strike range stood at 1.320. India VIX was at 16.08, up 0.58, indicating that implied volatility had increased despite the sharp rise in the index.

The max pain level remained at 23,700, placing the Nifty just 43.15 points above this level.

Nifty Expiry Outlook: Where Is the Highest Open Interest Concentrated?

A closer examination of strike-wise open interest shows that the 23,600 put strike carries the highest put OI at approximately 4 crore, followed closely by 23,700 with around 3.9 crore. The 23,650 strike also has substantial put OI of approximately 3.3 crore, while the 23,500 strike holds around 2.8 crore.

This concentration indicates that traders have built significant put positions below the prevailing market price. The 23,700 strike is the nearest important support reference, followed by 23,650 and 23,600. The heavy concentration at 23,600 makes it a particularly important lower support zone.

On the call side, 23,800 has the highest open interest at approximately 3 crore, making it the most prominent resistance level in the displayed strike range. The 23,750 and 23,700 strikes have around 2.2 crore call OI each, while 23,850 carries approximately 2.1 crore.

The concentration of call positions at 23,750 and 23,800 indicates that the index may encounter resistance as it attempts to extend its gains.

Fresh OI Additions Show Stronger Put Positioning

The change in open interest provides further insight into how traders have positioned themselves during the session.
Total put OI addition stood at 20.79 crore, substantially higher than the 9.03 crore addition on the call side. The put additions were concentrated around 23,500, 23,600, 23,650 and 23,700.

Among these strikes, 23,600 recorded the highest positive change in put OI at approximately 4 crore, followed by 23,700 at nearly 3.9 crore. This suggests significant fresh put positioning at levels below the current market price, consistent with put writing and expectations that these levels could provide support.

On the call side, the highest positive OI change was visible at 23,800, followed by 23,850 and 23,750. This indicates fresh call-side positioning at higher levels, potentially restricting the upside unless those positions begin to unwind.

Interestingly, negative changes in call OI were visible at several lower strikes, particularly around 23,500 and below. This is consistent with the closure of existing call positions as Nifty moved higher.

Taken together, the positioning suggests that traders are building support at lower strikes while maintaining resistance around 23,800. However, open interest alone cannot confirm whether every new position represents option writing or buying.

PCR Rises Further as Call Open Interest Declines

The movement between the 1:31 PM and 1:43 PM snapshots provides an important indication of how options positioning evolved.

At 1:31 PM, total put OI stood at 44.81 crore, while call OI was 23.92 crore. By 1:43 PM, put OI had declined marginally to 44.58 crore, whereas call OI dropped more sharply to 23.29 crore.

During these 12 minutes, Nifty advanced from 23,723.15 to 23,743.15, gaining another 20 points.

The overall PCR consequently increased from 1.8736 to 1.9225, while the selected-strike PCR rose from 1.253 to 1.320.
This is an important distinction. Although put positioning remained dominant, the latest increase in PCR was not driven by additional net put OI. Instead, call open interest declined faster than put open interest.

The sharper reduction in call OI, accompanied by a rising index, is consistent with call unwinding and suggests that resistance at some strikes may have weakened during this period.

Meanwhile, max pain remained unchanged at 23,700 in both snapshots.

Nifty Weekly Expiry: What Should Be the Trading Plan?

With Nifty trading near 23,750, the immediate focus shifts to whether the index can overcome the call open interest concentrated between 23,750 and 23,800.

Bullish scenario: Sustained move above 23,750

If Nifty sustains above 23,750, the next important level would be 23,800, where the highest call OI is concentrated. A move above 23,800, supported by call unwinding at this strike and continued put additions below the market, would strengthen the bullish case and could open the way towards 23,850 and subsequently 23,900.

However, a move above 23,800 without a corresponding reduction in call open interest would require caution, as the existing call positions could continue to restrict the advance.

Bearish scenario: Nifty slips below 23,700

The 23,700 level remains important because it coincides with the displayed max pain level and carries substantial put open interest.

If Nifty falls below 23,700 and put positions begin unwinding at this strike, the index could move towards 23,650. A further decline would bring 23,600 into focus, where the highest put OI is concentrated.

The behaviour of put OI at 23,700 and 23,600 would be critical in assessing whether the decline is likely to extend.

Range-bound scenario: Nifty trades between 23,700 and 23,800

If Nifty fails to move decisively beyond either level, the index could remain confined to the 23,700–23,800 range during the remaining expiry session.

The significant put concentration near 23,700 and call concentration at 23,800 provide the basis for this range. However, these are positioning-based levels rather than guaranteed boundaries.

With expiry taking place on Tuesday, option premiums can change sharply as the underlying moves between strikes. Traders should therefore avoid relying solely on high open interest levels and use strict risk controls, particularly for unhedged option positions.

Nifty Weekly Expiry Outlook

The Nifty options structure remains supportive, with put open interest substantially exceeding call open interest and the overall PCR rising to 1.9225.

The highest put OI at 23,600 provides an important lower support reference, while the substantial put concentration at 23,700 makes it the immediate level to monitor. On the upside, 23,800 remains the main hurdle due to the concentration of both existing call OI and significant OI additions.

The more encouraging development is the sharper reduction in call OI compared with put OI between 1:31 PM and 1:43 PM, even as Nifty continued to rise.

For the remaining expiry session, 23,750–23,800 is the immediate zone to watch on the upside, while 23,700 is the crucial downside reference. A sustained breakout above 23,800 with call unwinding would favour further upside, while a break below 23,700 accompanied by put unwinding could increase downside pressure towards 23,600.