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: 2022-04-06T17:23:09+05:30

Highest put option open interest contract was added at a strike price of 17800 for expiry tomorrow.

Tracking the US market closing overnight, Indian equity market too opened with a gap down in today’s trade. Nifty 50 opened at 17842.75 against the previous close of 17957.40. At the closing bell, it ended with a loss of 149.75 points or 0.83% at 17807.65. What triggered such a fall was, Fed Governor Lael Brainard’s statement that she expected rapid reductions to the central bank's balance sheet alongside increases to the benchmark interest rate. Global markets are also trading weak currently. Asian markets closed mostly in red and European markets are currently trading negatively.

Activity on the F&O front for weekly expiry tomorrow shows 18000 to act as a strong resistance now. Highest call open interest contract of 199914 stood at this strike price. The second-highest call option open interest 140787 for Nifty 50 stood at a strike price of 18100. 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 113612 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 17800, where 19577 open interest was added today, followed by 17700 strike price where (18907) open interest was added. Highest total put open interest (124589) stood at a strike price of 17500. This is followed by a strike price of 17800, which saw a total put option open interest of 101732 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.66 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 tomorrow stands at 17800

Top five call and put open interest with their strike price

Strike Price  

Open Interest (Call)  

18000  

199914  

18100  

140787  

17900  

138696  

18500  

134420  

18400  

115369  

Strike Price  

Open Interest (Put)  

17500  

124589  

17800  

101732  

17600  

91750  

17700  

84442  

17400  

77484 


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