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: 2022-03-17T17:33:37+05:30

Highest put option open interest contract was added at a strike price of 17000 for expiry on March 24.

The Indian equity market saw good growth for the second consecutive day. Nifty 50 soared today despite US Fed's first rate hike in 3 years. It opened the gap up and gradually rose through the day. At close, it was at 17287, up 1.84% or 311.7 points.

Many uncertainties that were pulling our market down are fading away. Oil that was on a boil has seen more than 30% fall from its recent highs. Besides, the global equity market that was not supporting the equity market has also started to show good growth and selling from FIIs also seems to subside. Asian markets closed in green today, while European markets are currently trading in the red.

Activity on the F&O front for weekly expiry on March 24 shows 18000 to act as a strong resistance now. Highest open interest contract of 52228 stood at this strike price. The second-highest call option open interest 38789 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 18000 in the last trading session. A total of 31147 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 17000, where 41014 open interest was added today, followed by 16000 strike price where (32491) open interest was added. Highest total put open interest (56664) stood at a strike price of 16000. This is followed by a strike price of 17000, which saw a total put option open interest of 47725 contracts.

The Nifty 50 put-call ratio (PCR) closed at 1.12 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 24 stands at 17250.

Top five call and put open interest with their strike price 

Strike Price  

Open Interest (Call)  

18000  

52228  

17500  

38789  

17300  

34544  

19300  

34274  

18200  

30057  

Strike Price  

Open Interest (Put)  

16000  

56664  

17000  

47725  

16500  

29325  

17300  

28703  

16800  

27509 


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