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

Highest call option open interest contract was added at a strike price of 17500 for expiry on March 3.

Indian equity market remained the top performer in today’s trade. Though Nifty 50 opened with a gap down of almost 176 points, however, it recouped all its losses and finally closed with a gain of 0.81% or 135.5 points to end at 16793.9. Asian equity market closed with a gain of 0.2% to 0.73% while the European equity markets are bleeding with a cut of more than 1.5%. This is after western nations imposed fresh sanctions on Russia over its invasion of Ukraine, while President Vladimir Putin put nuclear forces on a higher alert. Shares of European banks with links to Russia suffered the sharpest declines.

Activity on the F&O front for weekly expiry on March 3 shows 17500 to act as a strong resistance. Highest open interest contract of 150153 stood at this strike price. The second-highest call option open interest 98707 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 17500 in the last trading session. A total of 44794 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 14750, where 51569 open interest was added today, followed by 15000 strike price where (45715) open interest was added. Highest total put open interest (89573) stood at a strike price of 16000. This is followed by a strike price of 15000, which saw a total put option open interest of 78664 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.83 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 March 3 stands at 16700.

Top five call and put open interest with their strike price