Nifty, BankNifty Outlook or analysis based on option chain (Jan 03 25)
Funds Flow (Rs crore) Last closing
DII :- 22.14FII/FPI :- 1,506.75
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, jumped to 1.23 (the highest since December 3) on January 2, from 1.06 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 Volatility Index (India VIX) reversed the gains of the last couple of days and declined by 5.31% to 13.74, after a three-day upward journey. This makes the bulls more comfortable.Nifty Call Options Data
According to the weekly options data, the maximum Call open interest was seen at the 25,000 strike (with 54.75 lakh contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 24,200 strike (36.39 lakh contracts) and the 24,800 strike (31 lakh contracts).Maximum Call writing was observed at the 25,000 strike, which saw an addition of 36.01 lakh contracts, followed by the 24,200 and 24,800 strikes, which added 24.51 lakh and 19.33 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,800 strike, which shed 5.58 lakh contracts, followed by the 23,700 and 23,600 strikes, which shed 5.36 lakh and 3.46 lakh contracts, respectively.
Nifty Put Options Data
On the Put side, the maximum Put open interest was seen at the 24,000 strike (with 38.95 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 23,900 strike (35.38 lakh contracts) and the 23,800 strike (32.53 lakh contracts).The maximum Put writing was placed at the 24,000 strike, which saw an addition of 32.24 lakh contracts, followed by the 23,900 and 24,200 strikes, which added 27.48 lakh and 27.46 lakh contracts, respectively. There was hardly any Put unwinding seen in the 23,400-25,100 strike band.
Key Levels For The Nifty 50
Resistance :- 24,237, 24,349, and 24,531Support :- 23,874, 23,762, and 23,581
Bank Nifty Call Options Data
According to the monthly options data, the maximum Call open interest was seen at the 53,000 strike, with 13.3 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 52,000 strike (12.75 lakh contracts) and the 54,000 strike (12.42 lakh contracts).Maximum Call writing was visible at the 53,000 strike (with the addition of 13.3 lakh contracts), followed by the 52,000 strike (12.75 lakh contracts) and the 54,000 strike (12.42 lakh contracts). There was hardly any Call unwinding seen in the 49,750-54,000 strike band.
Bank Nifty Put Options Data
On the Put side, the 51,000 strike holds the maximum Put open interest (with 10.85 lakh contracts), which can act as a key support level for the index. This was followed by the 51,500 strike (10.46 lakh contracts) and the 50,000 strike (10.16 lakh contracts).The maximum Put writing was observed at the 51,000 strike (which added 10.85 lakh contracts), followed by the 51,500 strike (10.46 lakh contracts) and the 50,000 strike (10.16 lakh contracts). There was hardly any Put unwinding seen in the 49,750-54,000 strike band.
Key Levels For The Bank Nifty
Resistance :- 51,683, 51,844, and 52,104Support :- 51,164, 51,003, and 50,744
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