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: 2022-02-17T17:05:54+05:30

Highest put option open interest contract was added at a strike price of 15100 for expiry on February 24.

On the weekly expiry day, Nifty 50 traded much like what it traded on the previous day. On a volatile trading day, Nifty 50 saw swinging between negative and positive for the entire day. At the end of the day, finally, it closed at 17304.6, 0.1 % or 17.6 points lower.

Banking and Healthcare indices fell the most, while Oil & Gas and FMCG were the top gainers. Banking names such as ICICI Bank, Axis Bank and UltraTech Cement fell the most while HDFC, Reliance Industries and HUL supported the market. Asian markets closed in green except for Nikkei 225 and Sensex. European markets are trading mixed.

Activity on the F&O front for weekly expiry on February 24 shows 18000 to act as a strong resistance now. Highest open interest contract of 78346 stood at this strike price. The second-highest call option open interest 71117 for Nifty 50 stood at a strike price of 17500. 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 20063 open interest was added at this strike price.

 In terms of put activity, the highest put writing was seen at a strike price of 15100, where 29077 open interest was added today, followed by 17300 where (14497) open interest was added. Highest total put open interest (99650) 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 79162 contracts.

The Nifty 50 put call ratio (PCR) closed at 1.03 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 February 24 stands at 17400.

Top five call and put open interest with their strike price

Strike Price  

Open Interest (Call)  

18000  

78346  

17500  

71117  

17400  

53307  

18500  

50329  

17600  

47121  

Strike Price  

Open Interest (Put)  

17000  

99650  

16500  

79162  

16000  

55476  

17300  

49894  

15100  

42083 


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