F&O Cues: Key support and resistance levels for Nifty 50

F&O Cues: Key support and resistance levels for Nifty 50

Indian Market
by 5paisa Research Team Last Updated: 2022-10-28T18:58:35+05:30

Highest put option open interest contract was added at a strike price of 17700 for expiry on November 3, 2022.

The frontline equity market in India gained for the second day in a row after US 10-year bond yields cooled off. Nifty 50 opened at 17756.40 against the previous close of 17736.95. It finally closed with a gain of 49.85 points or 0.28% at 17786.8. Overall, we saw that in today's trade there were more stocks that closed in the red. Today, the best-performing index was NIFTY AUTO which was up by 1.63%. This is followed by NIFTY OIL & GAS, which was up by 1.03%. The worst-performing index in today's trade was NIFTY METAL. It is down by 1.46%. Globally, the Indian equity market remained one of the best-performing index. Nifty VIX saw a sharp drop, it opened at 16.6 and closed at 15.92 showing a drop of 4.06%.

Activity on the F&O front for weekly expiry on November 3, 2022, shows 17800 to act as a strong resistance now. The highest call open interest contract of 106644 stood at this strike price. The second-highest call option open interest 103751 for Nifty 50 stood at a strike price of 18000. In terms of the highest addition of open interest in the call options front, it was at 18200 in the last trading session. A total of 43196 open interest was added at this strike price. 

In terms of put activity, the highest put writing was seen at a strike price of 17700, where  41209 open interest was added today, followed by a 17800 strike price where (35358) open interest was added. The highest total put open interest (100208) stood at a strike price of 17700. This is followed by a strike price of 17600, which saw a total put option open interest of 86342 contracts. 

The Nifty 50 put call ratio (PCR) closed at 0.92 for the day. A PCR above 1 is considered bullish while a PCR below 1 is considered bearish. 

Max pain at the end of today's trade for weekly expiry on November 3, 2022, stands at 17750 

Top five call and put open interest with their strike price 

Strike Price  

Open Interest (Call)  

17800  

106644  

18000  

103751  

18200  

101317  

18400  

97291  

18500  

95541  

Strike Price  

Open Interest (Put)  

17700  

100208  

17600  

86342  

17500  

84638  

17800  

67863  

17000  

66595  

  


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