Nifty Weekly Expiry: 23,700 Emerges as Key Pivot as PCR Slips to 0.61

The Nifty 50 remained under pressure on September 8, 2026, as weakness from the previous session carried into the weekly expiry. The index had closed at 23,779.15 on Monday, September 7, down 0.50% for the day after opening at 23,883.15.

Selling continued in early trade on Tuesday. At around 10:00 AM, Nifty was trading near 23,671.55, lower by 0.45%. The index opened at 23,743.10, touched an intraday high of 23,758.95 and slipped to a low of 23,668.15.

The early decline brought the index close to an important cluster of options strikes. Derivatives data shows maximum pain at 23,700, while the put-call ratio, or PCR, stands at 0.61. The positioning suggests that sellers on the Call side currently have an edge, although Put positions around 23,650 are offering some support below the market.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Options Data Shows Pressure Around 23,700

The put-call ratio is calculated by comparing Put open interest with Call open interest. A PCR below 1 indicates that Call open interest is higher than Put open interest. While this does not by itself determine market direction, a reading of 0.61 shows that the options structure is currently more heavily positioned on the Call side.

Maximum pain is placed at 23,700. This is the strike at which the combined value of outstanding Call and Put options would result in the lowest payout to option buyers at expiry, based on the prevailing open interest. With Nifty trading slightly below this level in morning trade, 23,700 has become an important reference point for the session.

The key open interest positions are summarised below:

The largest Call open interest is placed at 23,700 and 23,800. Fresh additions are also concentrated at the same strikes, showing that traders have continued to add positions on the upside.

This creates a hurdle for any immediate recovery. The 23,700 strike is the first barrier because it sits just above the prevailing index level and also carries significant Call positioning. The next layer is at 23,800, where another sizeable concentration of Call open interest is visible.

The structure therefore suggests that any recovery may face selling pressure as the index moves higher. Buyers would need stronger momentum to absorb these positions and push the index beyond the upper end of the range.

Put Writers Focus on 23,650 Support

On the downside, Put open interest is concentrated at 23,700 and 23,650. Fresh additions at these strikes indicate that traders are also positioning for the index to hold around the current zone. The 23,650 strike is particularly relevant because the day's low of 23,668.15 is only slightly above it. This means the market is already trading close to the lower boundary identified by the options data.

If the index slips below this area, some Put writers may choose to reduce their exposure. Such unwinding can add to short-term volatility, particularly on an expiry day when positions are adjusted rapidly.

For now, the Put buildup shows that traders are still willing to defend the lower end rather than position aggressively for a much deeper fall.

What Traders May Watch Into Expiry

The current options structure suggests that the expiry battle is concentrated within a relatively narrow band. The 23,650 level is the first support to monitor, while 23,700 acts as the immediate pivot. Above that, 23,800 remains the stronger resistance zone because of sizeable Call positioning.

The low PCR of 0.61 means the market is entering the latter part of the expiry session with a Call-heavy setup. At the same time, the presence of Put writing near 23,650 suggests that traders are not yet positioning for an unrestricted fall.

This leaves the index caught between nearby support and overhead resistance. A decisive move outside this zone could therefore influence the direction of the remaining expiry trade.

Conclusion

Nifty entered the weekly expiry with continued selling pressure and a Call-heavy options structure. The market is currently trading in a tightly contested zone, with sellers active above and Put writers defending levels near the intraday low.

The next directional move is likely to depend on which side begins to unwind first. Until then, expiry trade may remain volatile but range-bound around the current levels.