Nifty, BankNifty Outlook or analysis based on option chain (Dec 23 24)
Funds Flow (Rs crore) Last closing
DII :- 1,374.37FII/FPI :- -3,597.82
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, dropped to 0.8 on December 20, from 0.91 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 volatility index, jumped to 15.07 on Friday, up 3.88 percent from the previous level of 14.51.Nifty Call Options Data
According to the monthly options data, the maximum Call open interest was seen at the 24,000 strike (with 92.14 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,500 strike (84.97 lakh contracts), and the 24,700 strike (58.25 lakh contracts).Maximum Call writing was observed at the 24,000 strike, which saw an addition of 28.93 lakh contracts, followed by the 23,900 and 24,200 strikes, which added 25.94 lakh and 23.02 lakh contracts, respectively, while the maximum Call unwinding was seen at the 24,300 strike, which shed 1.77 lakh contracts, followed by the 22,500, which shed 23,950 contracts.
Nifty Put Options Data
On the Put side, the 23,000 strike holds the maximum open interest (with 82.1 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 23,500 strike (66.7 lakh contracts), and the 24,000 strike (55.93 lakh contracts).The maximum Put writing was placed at the 23,200 strike, which saw an addition of 21.9 lakh contracts, followed by the 22,500, and 22,800 strikes, with 12.31 lakh, and 6.43 lakh contracts added, respectively, while the maximum Put unwinding was seen at the 24,000 strike, which shed 26.53 lakh contracts, followed by the 24,500 and 24,200 strikes, which shed 6.87 lakh and 5.1 lakh contracts, respectively.
Key Levels For The Nifty 50
Resistance :- 23,932, 24,057, and 24,259Support :- 23,528, 23,404, and 23,202
Bank Nifty Call Options Data
According to the monthly options data, the maximum Call open interest was seen at the 53,000 strike, with 31.49 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 52,500 strike (26.71 lakh contracts) and the 52,000 strike (21.95 lakh contracts).Maximum Call writing was visible at the 52,000 strike (with the addition of 7.79 lakh contracts), followed by the 51,000 strike (7.46 lakh contracts) and the 51,500 strike (6.61 lakh contracts), while the maximum Call unwinding was seen at the 52,700 strike, which shed 39,285 contracts, followed by the 52,600 and 48,500 strikes, which shed 14,325 and 7,950 contracts, respectively.
Bank Nifty Put Options Data
On the Put side, the 49,000 strike holds the maximum open interest (with 16.5 lakh contracts), which can act as a key support level for the index. This was followed by the 50,000 strike (15.28 lakh contracts) and the 51,000 strike (10.32 lakh contracts).The maximum Put writing was observed at the 50,800 strike (which added 3.07 lakh contracts), followed by the 50,700 strike (1.59 lakh contracts) and the 48,500 strike (1.38 lakh contracts), while the maximum Put unwinding was seen at the 51,000 strike, which shed 3.03 lakh contracts, followed by the 52,000 and 51,500 strikes, which shed 2.82 lakh and 2.65 lakh contracts, respectively.
Key Levels For The Bank Nifty
Resistance :- 51,389, 51,629, and 52,019Support :- 50,610, 50,369, and 49,980
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