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

Highest call option open interest contract was added at a strike price of 17200 for expiry tomorrow.

Indian equity market tracking the Asian equity market opened in the green today and looked to break the five-day losing streak. Nevertheless, by the end of the trading, Nifty 50 closed in red. This is the sixth day in a row that Nifty 50 closed lower. At the close, it was down by 0.17 % or 28.95 points at 17063.25. Private banking heavyweights such as ICICI Bank and HDFC Bank along with Reliance Industries dragged the market while Titan and Kotak Mahindra supported the market.

Activity on the F&O front for weekly expiry tomorrow shows 17500 to act as a strong resistance now. Highest open interest contract of 185371 stood at this strike price. The second-highest call option open interest 178433 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 17200 in the last trading session. A total of 96762 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 16500, where 84576 open interest was added today, followed by 17100 where (40895) open interest was added. Highest total put open interest (180062) stood at a strike price of 16500. This is followed by a strike price of 17000, which saw a total put option open interest of 122705 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.73 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 tomorrow stands at 17100.

Top five call and put open interest with their strike price