Sensex Weekly Expiry: Can Bulls Defend 74,500 Support As 75,000 Caps Upside?

The Sensex entered the weekly expiry session on Thursday, September 10, with a cautious undertone after witnessing a sharp decline in the previous trading session. The index opened marginally lower at 74,742.54 and remained range-bound during the early part of the session.

The index touched an intraday high of 74,910.96 and a low of 74,697.94. At 9:50 AM, Sensex was trading at 74,756.62, down 7.61 points or 0.01%.

The previous session saw heavy selling pressure, with Sensex declining 813.35 points or 1.08% to close at 74,764.23.

Options Market Points Towards A Narrow Expiry Range

The derivatives data indicate that traders are expecting limited movement during the expiry session. The Put-Call Ratio (PCR) stands at 0.70, showing that Call writers have a stronger position compared with Put writers.

The Max Pain level, which indicates the strike price where option writers could benefit the most at expiry, is placed at 74,800.
Since Sensex is trading close to this level, the index may continue to see consolidation unless there is a strong move on either side.

The options chain shows that traders are building positions around specific levels, creating a defined range for the index.
On the Call side, significant open interest is concentrated at 74,800 and 75,000 strikes. These levels are likely to act as resistance zones as Call writers attempt to limit upside movement.

On the Put side, traders are showing interest near 74,500 and 74,000 strikes, indicating that these levels could provide support if selling pressure resumes.

The current setup suggests that the Sensex is likely to remain within the 74,500–75,000 range unless a decisive breakout occurs.

A sustained move above 75,000 may improve market sentiment and force some Call writers to reduce their positions. On the other hand, a fall below 74,500 could indicate weakness and bring lower levels into focus.

With PCR below 1, the expiry setup remains cautious, indicating that sellers at higher levels currently have a slight advantage. The next major move will depend on whether the index manages to reclaim the 75,000 mark or slips below the 74,500 support zone.