Nifty, BankNifty Outlook or analysis based on option chain (Dec 18 24)
Funds Flow (Rs crore) Last closing
DII ** 2,706.48FII/FPI * -6,409.86
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell further to 0.65 (seen for the first time since March 13) on December 17, from 0.90 level in the previous session.The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.
India VIX
The India VIX, the fear gauge, was up by 3.32 percent to 14.49, following a 7.41 percent jump in the previous session.Nifty Call Options Data
According to the weekly options data, the 25,000 strike holds the maximum Call open interest (with 1.4 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,500 strike (1.07 crore contracts), and the 24,700 strike (1.01 crore contracts).Maximum Call writing was observed at the 24,500 strike, which saw an addition of 74.86 lakh contracts, followed by the 24,400 and 24,600 strikes, which added 61.71 lakh and 59.77 lakh contracts, respectively, while the maximum Call unwinding was seen at the 25,450 strike, which shed 1.16 lakh contracts, followed by the 25,550 and 23,500 strikes, which shed 1.08 lakh and 7,750 contracts, respectively.
Nifty Put Options Data
On the Put side, the maximum open interest was seen at the 23,900 strike (with 79.61 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 24,000 strike (77.33 lakh contracts), and the 23,500 strike (62.38 lakh contracts).The maximum Put writing was placed at the 23,900 strike, which saw an addition of 26.47 lakh contracts, followed by the 23,700, and 24,350 strikes, with 9.5 lakh, and 8.17 lakh contracts added, respectively, while the maximum Put unwinding was seen at the 24,700 strike, which shed 20.37 lakh contracts, followed by the 24,500 and 24,600 strikes, which shed 17.92 lakh and 16.28 lakh contracts, respectively.
Key Levels For The Nifty 50
Resistance 24,544, 24,619, and 24,742Support 24,299, 24,223, and 24,101
Bank Nifty Call Options Data
According to the monthly options data, the 54,000 strike holds the maximum Call open interest, with 34.12 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 53,500 strike (23.79 lakh contracts) and the 54,500 strike (21.18 lakh contracts).Maximum Call writing was visible at the 53,000 strike (with the addition of 8.21 lakh contracts), followed by the 54,000 strike (7.88 lakh contracts) and the 53,500 strike (6.12 lakh contracts), while the maximum Call unwinding was seen at the 51,900 strike, which shed 4,185 contracts, followed by the 51,700 and 52,000 strikes, which shed 3,765 and 2,670 contracts, respectively.
Bank Nifty Put Options Data
On the Put side, the maximum open interest was seen at the 52,000 strike (with 16.92 lakh contracts), which can act as a key support level for the index. This was followed by the 52,500 strike (16.82 lakh contracts) and the 51,000 strike (15.03 lakh contracts).The maximum Put writing was observed at the 50,700 strike (which added 1.29 lakh contracts), followed by the 52,800 strike (48,750 contracts) and the 51,300 strike (48,630 contracts), while the maximum Put unwinding was seen at the 53,000 strike, which shed 2.75 lakh contracts, followed by the 51,000 and 52,000 strikes, which shed 2.09 lakh and 1.88 lakh contracts, respectively.
Key Levels For The Bank Nifty
Resistance 53,328, 53,518, and 53,826Support 52,712, 52,522, and 52,214
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