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

Highest put option open interest contract was added at a strike price of 16000 for expiry on March 17.

The Indian equity market continued with its green streak. Tracking the global equity market and good closing from wall street, the Indian equity market also opened with a gap up.

Nifty 50 opened at 16757.1 against the previous close of 16345.35, which means a gap-up of more than 400 points. It closed with a gain of 249.55 points or 1.53 per cent at 16594.9. State election results in favour of the ruling BJP government also lifted the sentiment along with Russia-Ukraine talks. Today being the weekly expiry, we saw a volatile session. The sector that helped the market was FMCG and PSU Bank, which remained the top gaining sector in today’s trade.

Activity on the F&O front for weekly expiry on March 17 shows highest open interest contract of 54231 stood at this strike price of 18,000. The second-highest call option open interest 47204 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 18000 in the last trading session. A total of 45010 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 16000, where 28034 open interest was added today, followed by 16500 strike price where (19591) open interest was added. Highest total put open interest (42311) 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 35855 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.63 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 17 stands at 16500. 

Top five call and put open interest with their strike price