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: 2022-02-07T17:26:10+05:30

Highest call option open interest contract was added at a strike price of 17500 for expiry on February 10.

The Indian equity market lost for the third day in a row now. It is down by almost 3% from the budget session. Most of the fall in Nifty 50 was witnessed in today’s trading session. Nifty though opened in positive, however, soon started to show a downfall and at the close, it was down by 1.73% or 302.3 points to close at 17213.9. Metal and PSU Banks gained in today’s trade while FMCG fell the most.

Activity on the F&O front for weekly expiry on February 10 shows 18000 to act as a ceiling in this week’s trade for Nifty 50. Highest open interest contract of 167809 stood at this strike price. The second-highest call option open interest 142836 for Nifty 50 stood at a strike price of 17500, which is likely to act as strong resistance. In terms of the highest addition of open interest in the call options front, it was at 17500 in the last trading session. A total of 94444 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 17000, where 25710 open interest was added today, followed by 16900 where (24523) open interest was added. Highest total put open interest (79708) stood at a strike price of 17000. This is followed by a strike price of 16500, which saw a total put option open interest of 64174 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.43 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)  

18000  

167809  

17500  

142836  

17800  

128344  

17600  

125221  

17700  

113094  

Strike Price  

Open Interest (Put)  

17000  

79708  

16500  

64174  

17200  

54130  

16800  

52371  

16000  

48881 


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