Nifty, BankNifty Outlook or analysis based on option chain (Dec 27 24)
Funds Flow (Rs crore) Last closing
DII :- 3,336.16FII/FPI :- -2,376.67
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, dropped to 0.89 on December 26, from 0.94 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, a fear indicator, snapped a two-day fall, rising 6.51 percent to the 14.03 level, which is still below the cautious level, hence there is still some comfort for bulls.Nifty Call Options Data
According to the weekly options data, the 24,000 strike holds the maximum Call open interest (with 46.92 lakh 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 (46.8 lakh contracts), and the 24,500 strike (43.73 lakh contracts).Maximum Call writing was observed at the 25,000 strike, which saw an addition of 25.96 lakh contracts, followed by the 24,500 and 23,800 strikes, which added 23.64 lakh and 21.29 lakh contracts, respectively, while there was hardly any Call unwinding seen.
Nifty Put Options Data
On the Put side, the maximum open interest was seen at the 23,800 strike (with 45.26 lakh contracts), which can act as a key level for the Nifty. It was followed by the 23,000 strike (27.43 lakh contracts), and the 23,500 strike (27.2 lakh contracts).The maximum Put writing was placed at the 23,800 strike, which saw an addition of 26.03 lakh contracts, followed by the 23,000, and 23,700 strikes, with 12.18 lakh, and 11.75 lakh contracts added, respectively, while there was hardly any Put unwinding seen.
Key Levels For The Nifty 50
Resistance :- 23,830, 23,877, and 23,954Support :- 23,676, 23,629, and 23,552
Bank Nifty Call Options Data
According to the monthly options data, the 52,000 strike holds the maximum Call open interest, with 10.58 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 (10.35 lakh contracts) and the 51,500 strike (7.74 lakh contracts).Maximum Call writing was visible at the 52,000 strike (with the addition of 3.79 lakh contracts), followed by the 52,500 strike (2.15 lakh contracts) and the 51,500 strike (2.02 lakh contracts), while there was hardly any Call unwinding seen.
Bank Nifty Put Options Data
On the Put side, the maximum open interest was seen at the 51,500 strike (with 8.12 lakh contracts), which can act as a key level for the index. This was followed by the 51,000 strike (7.51 lakh contracts) and the 50,000 strike (7.1 lakh contracts).The maximum Put writing was observed at the 51,000 strike (which added 1.73 lakh contracts), followed by the 52,000 strike (1.62 lakh contracts) and the 51,500 strike (1.52 lakh contracts), while there was hardly any Put unwinding seen.
Key Levels For The Bank Nifty
Resistance :- 51,589, 51,775, and 52,076Support :- 50,986, 50,800, and 50,499
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