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

Highest put option open interest contract was added at a strike price of 16500 for expiry on March 31.

After a gap of three days, Indian frontline equity indices saw a positive closing in today’s trade. Getting a mixed signal from the US market, Nifty 50 opened in positive, however, soon slipped towards the 17000 mark from where it made a swift recovery.

Nifty 50 opened at 17181.85 against the previous close of 17153.00. It finally closed with a gain of 69.0 points or 0.4% at 17222.0. The Indian equity market made a recovery as the European market opened in green and are trading with a gain of more than 1% currently.

Activity on the F&O front for weekly expiry on March 31 shows 18000 to act as a strong resistance now. Highest call open interest contract of 211175.0 stood at this strike price. The second-highest call option open interest 122508.0 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 17900 in the last trading session. A total of 65294 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 31013 open interest was added today, followed by 16400 strike price where (18476) open interest was added. Highest total put open interest (125019.0) stood at a strike price of 16500. This is followed by a strike price of 16000, which saw a total put option open interest of 122386.0 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.81 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 31 stands at 17150.

Top five call and put open interest with their strike price