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: Jan 31, 2022, 05:04 PM IST

Highest put option open interest contract was added at a strike price of 17300 for expiry on February 3.

The Indian equity market today opened with a gap-up with Nifty 50 opening almost 200 points above its previous close. The reason for such a strong opening was a better show by Wall Street on Friday, which saw a strong rebound especially by Nasdaq which rallied by 3.13%. In the domestic market also we saw IT leading from the front and remained the top gainer in today’s trade. Ahead of Union Budget, traders are cautious and hence we saw a bit of profit booking in last half hour of trade. Nifty finally closed at 17,339.85 up by 1.39 % or 237.9 points

Activity on the F&O front for weekly expiry on February 3 shows 18500 to act as a strong resistance now. Highest open interest contract of 100893 stood at this strike price. The second-highest call option open interest 98279 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 18500 in the last trading session. A total of 39674 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 17300, where 26630 open interest was added on January 31, followed by 16000 where (20187) open interest was added. Highest total put open interest (73206) stood at a strike price of 15100. This is followed by a strike price of 16000, which saw a total put option open interest of 60029 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.65 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 17300.

Strike Price  

Open Interest (Call)  

18500  

100893  

18000  

98279  

19000  

93232  

19800  

75807  

17900  

59818  

Strike Price  

Open Interest (Put)  

15100  

73206  

16000  

60029  

16500  

51363  

17300  

49628  

17000  

48028  

SENSEX
54,671.50
418.97 (0.77%)
Nifty 50
16,326.45
156.30 (0.97%)
Nifty Bank
35,413.90
319.00 (0.91%)
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SENSEX
54,671.50
418.97 (0.77%)
Nifty 50
16,326.45
156.30 (0.97%)
Nifty Bank
35,413.90
319.00 (0.91%)

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