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

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

by 5paisa Research Team Last Updated: Dec 10, 2022 - 04:57 pm 41.4k Views
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Highest put option open interest contract was added at a strike price of 17600 for expiry on January 6.

After underperforming the global equity market in the last couple of weeks, the Indian equity market started the new calendar year with outperformance. In today’s trade Nifty 50 gained 271 points or 1.57%, which is the highest in both Asian and European equity markets. This is despite India’s manufacturing sector expanding at a slower pace than the previous month. The IHS Markit India Manufacturing Purchasing Managers’ Index stood at 55.5 in December against 57.6 in November.

Activity on the F&O front for weekly expiry on January 6 shows 18000 to act as a strong resistance now. Highest open interest contract of 107602 stood at this strike price. The second-highest call option open interest 66814 for Nifty 50 stood at a strike price of 17900. In terms of the highest addition of open interest in the call options front, it was at 17900 in the last trading session. A total of 29688 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 17500 (81525) open interest added on (03-Jan-2022), followed by 17600 where (49620) open interest was added on January 3. Highest total put open interest (97754) stood at a strike price of 17300. This is followed by a strike price of 17500, which saw a total put option open interest of 91857 contracts.

The Nifty 50 put call ratio (PCR) closed at 1.5 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 stands at 17500. 

Strike Price  

Open Interest (Call)  

18000  

107602  

17900  

66814  

17700  

62267  

17800  

60762  

18500  

55429  

Strike Price  

Open Interest(Put)  

17300  

97754  

17500  

91857  

17000  

91054  

17200  

85705  

16800  

75106  

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