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

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

The Indian equity market is moving one step forward and one step backward. It rose in yesterday’s trade and again fell in today’s trade. Frontline indices, BSE Sensex and Nifty 50 tumbled by 529.72 points and 162.60 points to close at 56,819.39 and 17,038.40, respectively. In today’s trade the best performing index was NIFTY MEDIA it was up by 0.07%. Rest all indices closed in red. The worst performing index in today's trade was NIFTY FINANCIAL SERVICES. It is down by -1.47%. Global equity markets are trading mixed. European market is trading in green, while NIKKEI 225 closed in red with a cut of over 1%.

Activity on the F&O front for weekly expiry tomorrow shows 17500 to act as a strong resistance now. Highest call open interest contract of 173704 stood at this strike price. The second-highest call option open interest 163112 for Nifty 50 stood at a strike price of 17300. In terms of the highest addition of open interest in the call options front, it was at 17100 in the last trading session. A total of 90095 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 50193 open interest was added today, followed by 16500 strike price where (22580) open interest was added. Highest total put open interest (200939) stood at a strike price of 17000. This is followed by a strike price of 16400, which saw a total put option open interest of 148260 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.76 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 17100.

Top five call and put open interest with their strike price