Nifty, BankNifty Outlook or analysis based on option chain (Dec 19 24)
Funds Flow (Rs crore) Last closing
DII :- 4,084.08FII/FPI :- -1,316.81
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, dropped further to 0.55 (the lowest ever level) on December 18, from 0.65 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 indicator, was down by 0.78 percent to the 14.37 level, which needs to decline further for the bulls to regain momentum.Nifty Call Options Data
According to the weekly options data, the maximum Call open interest was seen at the 25,500 strike (with 1.57 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,000 strike (1.44 crore contracts), and the 24,300 strike (1.12 crore contracts).Maximum Call writing was observed at the 24,300 strike, which saw an addition of 84.18 lakh contracts, followed by the 24,200 and 25,550 strikes, which added 74.15 lakh and 59.43 lakh contracts, respectively, while the maximum Call unwinding was seen at the 25,200 strike, which shed 16.07 lakh contracts, followed by the 25,400 and 24,800, which shed 11.42 lakh and 9.15 lakh contracts, respectively.
Nifty Put Options Data
On the Put side, the 24,000 strike holds the maximum open interest (with 84.73 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 24,200 strike (66.59 lakh contracts), and the 23,500 strike (66.74 lakh contracts).The maximum Put writing was placed at the 24,200 strike, which saw an addition of 27.02 lakh contracts, followed by the 24,150, and 24,050 strikes, with 13.35 lakh, and 7.4 lakh contracts added, respectively, while the maximum Put unwinding was seen at the 23,900 strike, which shed 25.57 lakh contracts, followed by the 24,400 and 24,300 strikes, which shed 24.2 lakh and 17.53 lakh contracts, respectively.
Key Levels For The Nifty 50
Resistance :- 24,341, 24,399, and 24,492Support :- 24,154, 24,096, and 24,003
Bank Nifty Call Options Data
According to the monthly options data, the maximum Call open interest was seen at the 54,000 strike, with 43.92 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 53,000 strike (27.39 lakh contracts) and the 53,500 strike (27.34 lakh contracts).Maximum Call writing was visible at the 52,500 strike (with the addition of 13.43 lakh contracts), followed by the 54,000 strike (9.8 lakh contracts) and the 53,000 strike (8.08 lakh contracts), while the maximum Call unwinding was seen at the 51,000 strike, which shed 23,115 contracts, followed by the 54,100 and 51,300 strikes, which shed 5,940 and 4,485 contracts, respectively.
Bank Nifty Put Options Data
On the Put side, the 50,000 strike holds the maximum open interest (with 18.62 lakh contracts), which can act as a key support level for the index. This was followed by the 51,000 strike (15.27 lakh contracts) and the 52,000 strike (14.55 lakh contracts).The maximum Put writing was observed at the 52,200 strike (which added 3.26 lakh contracts), followed by the 52,300 strike (7.34 lakh contracts) and the 52,100 strike (1.21 lakh contracts), while the maximum Put unwinding was seen at the 52,500 strike, which shed 4.31 lakh contracts, followed by the 52,000 and 53,500 strikes, which shed 2.36 lakh and 2.3 lakh contracts, respectively.
Key Levels For The Bank Nifty
Resistance :- 52,638, 52,831, and 53,143Support :- 52,014, 51,821, and 51,509
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