Sensex Expiry Today: Can 73,500 Support Hold as 74,000 Call OI Builds Up?

Indian equity markets entered Thursday's trading session on October 22, 2026, with the Sensex witnessing a recovery from its early intraday lows. Ahead of the weekly derivatives expiry, the benchmark index traded around 73,567, with options positioning indicating a contest between buyers and sellers near crucial strike prices.

The Sensex spot stood at 73,598.65 in the open interest snapshot, while the PCR and Max Pain charts showed a reading of 73,567.25. The Put-Call Ratio (PCR) was recorded at 0.8782, with Max Pain placed at 73,500.

Although the index recovered during the morning session, the derivatives market continued to show slightly higher Call positioning than Put positioning. This suggests that a sustained upward move could encounter resistance at higher strikes, particularly around 74,000.

Sensex Options Data Signals a Cautious Trading Setup

The overall open interest distribution indicates that traders remain positioned on both sides of the market, with a modest advantage for Calls.

Total Call open interest stood at 893.52 lakh, compared with Put open interest of 784.71 lakh. The difference of 108.81 lakh suggests that Call positions currently outweigh Puts.

The PCR of 0.8782 reflects this positioning. Generally, a reading below 1 indicates that Call OI exceeds Put OI, although the ratio should be assessed alongside price movements and changes in open interest.

Interestingly, the intraday PCR climbed from approximately 0.55 in early trade to nearly 0.98 before easing towards 0.88.
During this period, Sensex recovered from around 73,100 to above 73,550. The movement indicates an improvement in intraday sentiment, though the subsequent dip in PCR suggests that market positioning remains sensitive near higher levels.

Where Could Sensex Face Selling Pressure?

The options chain highlights 74,000 as the most important overhead resistance level for Thursday's expiry.

Call open interest at this strike stood near 55 lakh, the highest among the displayed strike prices. The 74,500 strike followed with approximately 48 lakh Call OI.

Closer to the prevailing market level, 73,500 and 73,600 also carried notable Call concentrations of approximately 32 lakh and 27 lakh, respectively.

The fresh open interest data adds another dimension to this resistance structure.

Approximately 33 lakh Call contracts were added at 74,000, while 74,500 also recorded considerable fresh additions.

These positions suggest that traders have increased their Call-side exposure at higher strikes.

For Sensex, the first hurdle lies around 73,600–73,700. A move beyond this zone could bring 74,000 into focus, while a sustained breakout above 74,000 may open the possibility of testing 74,500.

Put Positions Highlight Important Downside Levels

On the downside, the options market shows its strongest visible Put concentration at 73,000.

Put OI at this strike was approximately 67 lakh, making it the largest Put base in the available data.

The 72,500 strike also carried substantial positioning, with nearly 48 lakh Put OI.

Meanwhile, meaningful Put interest at 73,100, 73,200 and 73,500 suggests the presence of several intermediate support references.

The Change in OI chart shows that 73,000 recorded the highest fresh Put addition, at approximately 51 lakh.

Fresh Put additions were also visible at 72,500, 73,100 and 73,200.

These developments suggest that the lower strike prices remain important for traders heading into expiry.

In the immediate term, 73,500 is the first support level to monitor. If Sensex slips below this mark, the next downside levels are 73,300–73,200, followed by 73,000.

Why Is the 73,500 Max Pain Level Important?

Another important feature of Thursday's options setup is the movement in Max Pain.

During the morning session, Max Pain declined from approximately 73,600 towards 73,200 before gradually recovering to 73,500.

The latest Sensex reading of 73,567.25 placed the index around 67 points above this level.

Max Pain represents the strike at which the aggregate theoretical payout to option buyers would be lowest at expiry, based on the prevailing open interest structure.

Although traders monitor this indicator for potential expiry-related positioning, it does not determine where the index will settle.
The proximity of Sensex to 73,500 makes this strike particularly relevant during the remaining trading session.

Sensex Expiry: Levels That Could Decide the Next Move

The options data points towards a closely contested expiry, with 73,500 acting as an important pivot and 74,000 presenting the strongest nearby Call resistance.

A sustained move above 73,700 could improve the short-term structure and bring 74,000 into focus. However, considerable Call OI at 74,000 and 74,500 could create resistance unless existing positions are reduced.

Conversely, failure to maintain 73,500 could expose Sensex to 73,300–73,200. A further decline may bring the stronger 73,000 Put base into consideration.

Overall, the derivatives positioning indicates a neutral-to-cautious outlook, with the PCR below 1 and Call OI exceeding Put OI.

The 73,500–74,000 range is likely to remain the key area to watch, while 73,000 and 74,500 mark the wider options-defined boundaries.

Changes in Call and Put open interest around these strikes, together with price movements, will provide further clues about the direction of the Sensex during Thursday's weekly expiry.