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

Highest call option open interest contract was added at a strike price of 18500 for expiry on April 7.

Nifty 50 slipped 33.5 points in today’s trade to snap a three-day winning run. The market opened at 17519.20 against the previous close of 17498.25. At close, it was down by 33.5 points or 0.19% from yesterday’s trading and closed at 17464.75.

In the final month of FY22, Nifty 50 gained over 5% and for the entire financial year, it closed with a gain of 19%. The global market is also trading in red. Asian markets closed with a loss of 0.2-1.2%, while European markets are currently trading in red.

Activity on the F&O front for weekly expiry on April 7 shows 17500 to act as a strong resistance now. Highest call open interest contract of 80120 stood at this strike price. The second-highest call option open interest 57974 for Nifty 50 stood at a strike price of 18500. In terms of the highest addition of open interest in the call options front, it was at 18500 in the last trading session. A total of 42882 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 17354 open interest was added today, followed by 17500 strike price where (17271) open interest was added. Highest total put open interest (61324) stood at a strike price of 17500. This is followed by a strike price of 16500, which saw a total put option open interest of 41771 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 April 7 stands at 17500.

Top five call and put open interest with their strike price