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

Highest put option open interest contract was added at a strike price of 15500 for expiry on March 3. 

Negative global cues and rising crude oil prices continue to haunt the Indian equity market. Nifty 50 opened at 16593.1 against the previous close of 16793.9, which means a gap down of almost 200 points. Throughout the day it remained volatile and closed with a loss of 187.95 points or 1.12% at 16605.95. Globally Indian equity market remained one of the worst performers as it was closed yesterday and reacted to today’s price. Metal and power sectors were the best performer in today’s trade while banking and auto were worst-performing.

Activity on the F&O front for weekly expiry on March 3shows 17500 to act as a strong resistance now. Highest open interest contract of 244451 stood at this strike price. The second-highest call option open interest 155367 for Nifty 50 stood at a strike price of 17000. 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 94912 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 15500, where 16436 open interest was added today, followed by 16600 strike price where 11728 open interest was added. Highest total put open interest (89579) stood at a strike price of 15500. This is followed by a strike price of 16000, which saw a total put option open interest of 86249 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.57 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 16600.

Top five call and put open interest with their strike price