Nifty, BankNifty Outlook or analysis based on option chain (Dec 24 24)
Funds Flow (Rs crore) Last closing
DII :- 2,227.68FII/FPI :- -168.71
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, rose to 0.84 on December 23, from 0.8 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, corrected sharply by 10.3%, dropping to 13.52 from the previous level of 15.07, making the trend more favourable for bulls.Nifty Call Options Data
According to the monthly options data, the 25,000 strike holds the maximum Call open interest (with 1.5 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,000 strike (1.21 crore contracts), and the 24,500 strike (92.34 lakh contracts).Maximum Call writing was observed at the 23,800 strike, which saw an addition of 33.62 lakh contracts, followed by the 24,000 and 25,000 strikes, which added 29.5 lakh and 14.89 lakh contracts, respectively, while the maximum Call unwinding was seen at the 23,600 strike, which shed 2.26 lakh contracts, followed by the 23,500 and 24,200 strikes, which shed 1.58 lakh and 87,125 contracts, respectively.
Nifty Put Options Data
On the Put side, the maximum open interest was seen at the 23,500 strike (with 1 crore contracts), which can act as a key support level for the Nifty. It was followed by the 23,000 strike (94.88 lakh contracts), and the 22,500 strike (57.51 lakh contracts).The maximum Put writing was placed at the 23,500 strike, which saw an addition of 33.6 lakh contracts, followed by the 23,700, and 23,800 strikes, with 30.14 lakh, and 21.83 lakh contracts added, respectively, while the maximum Put unwinding was seen at the 24,000 strike, which shed 12.43 lakh contracts, followed by the 23,200 and 24,500 strikes, which shed 9.1 lakh and 5.59 lakh contracts, respectively.
Key Levels For The Nifty 50
Resistance :- 23,842, 23,894, and 23,979Support :- 23,672, 23,619, and 23,534
Bank Nifty Call Options Data
According to the monthly options data, the 54,000 strike holds the maximum Call open interest, with 33.06 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 (31.55 lakh contracts) and the 52,000 strike (30.11 lakh contracts).Maximum Call writing was visible at the 51,500 strike (with the addition of 11.39 lakh contracts), followed by the 51,300 strike (10.29 lakh contracts) and the 51,400 strike (9.34 lakh contracts), while the maximum Call unwinding was seen at the 54,000 strike, which shed 4.82 lakh contracts, followed by the 53,500 and 51,000 strikes, which shed 4.01 lakh and 2.35 lakh contracts, respectively.
Bank Nifty Put Options Data
On the Put side, the maximum open interest was seen at the 51,000 strike (with 24.46 lakh contracts), which can act as a key support level for the index. This was followed by the 50,000 strike (21.52 lakh contracts) and the 49,000 strike (18.42 lakh contracts).The maximum Put writing was observed at the 51,000 strike (which added 14.13 lakh contracts), followed by the 51,200 strike (12.21 lakh contracts) and the 51,300 strike (9.18 lakh contracts), while the maximum Put unwinding was seen at the 52,000 strike, which shed 3.31 lakh contracts, followed by the 53,000 and 52,500 strikes, which shed 1.96 lakh and 1.09 lakh contracts, respectively.
Key Levels For The Bank Nifty
Resistance :- 51,403, 51,494, and 51,642Support :- 51,107, 51,016, and 50,868
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