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

Highest put option open interest contract was added at a strike price of 17400 for expiry on February 10. 

Following global cues, the Indian equity market saw a positive closing for the second consecutive day. After a positive handover from the US market and a good opening in the Asian equity market, Nifty 50 opened with a gap up of 103 points and closed with a gain of 1.14% or 197 points at 17,463. European markets are also trading in green currently. Except for FTSE, all markets are trading with a gain of more than 1%.

Activity on the F&O front for weekly expiry on February 10 shows 18000 to act as a strong resistance now. Highest open interest contract of 148504 stood at this strike price. The second-highest call option open interest 143172 for Nifty 50 stood at a strike price of 17700. In terms of the highest addition of open interest in the call options front, it was at 17700 in the last trading session. A total of 24211 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 17400, where 104886 open interest was added today, followed by 17300 where (42785) open interest was added. Highest total put open interest (121734) stood at a strike price of 17400. This is followed by a strike price of 17000, which saw a total put option open interest of 119937 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.78 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 17400.