Nifty, BankNifty Outlook or analysis based on option chain (Jan 09 25)
Funds Flow (Rs crore) Last closing
DII : 2,716.28FII/FPI : -3,362.18
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, increased to 0.83 on January 8, from 0.82 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, which measures market volatility, dropped by 1.33% to 14.47, extending its downtrend for another session. However, it remains above the 14 level, keeping the trend unfavourable for bulls.Nifty Call Options Data
According to the weekly options data, the maximum Call open interest was seen at the 24,000 strike (with 1.33 crore contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 24,500 strike (1.25 crore contracts) and the 24,200 strike (1.23 crore contracts).Maximum Call writing was observed at the 23,700 strike, which saw an addition of 32.55 lakh contracts, followed by the 24,100 and 23,600 strikes, which added 27.51 lakh and 23.44 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,700 strike, which shed 25.23 lakh contracts, followed by the 24,800 and 24,450 strikes, which shed 19.54 lakh and 13.23 lakh contracts, respectively.
Nifty Put Options Data
On the Put side, the 23,000 strike holds the maximum Put open interest (with 1.04 crore contracts), which can act as a key support level for the Nifty. It was followed by the 23,500 strike (90.82 lakh contracts) and the 23,200 strike (71.18 lakh contracts).The maximum Put writing was placed at the 23,400 strike, which saw an addition of 38.71 lakh contracts, followed by the 23,500 and 23,600 strikes, which added 35.02 lakh and 26.25 lakh contracts, respectively. The maximum Put unwinding was seen at the 23,200 strike, which shed 21.02 lakh contracts, followed by the 23,100 and 23,000 strikes, which shed 9.15 lakh and 6.44 lakh contracts, respectively.
Key Levels For The Nifty 50
Resistance :- 23,743, 23,804, and 23,901Support :- 23,548, 23,488, and 23,390
Bank Nifty Call Options Data
According to the monthly options data, the maximum Call open interest was seen at the 52,000 strike, with 21.67 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 51,000 strike (16.1 lakh contracts) and the 51,500 strike (12.73 lakh contracts).Maximum Call writing was visible at the 50,000 strike (with the addition of 3.61 lakh contracts), followed by the 51,000 strike (3.08 lakh contracts) and the 49,500 strike (1.31 lakh contracts). The maximum Call unwinding was seen at the 51,300 strike, which shed 19,770 contracts, followed by the 52,100 strike, which shed 13,305 contracts.
Bank Nifty Put Options Data
On the Put side, the 50,000 strike holds the maximum Put open interest (with 12.11 lakh contracts), which can act as a key level for the index. This was followed by the 49,000 strike (11.91 lakh contracts) and the 48,000 strike (11.44 lakh contracts).The maximum Put writing was observed at the 48,600 strike (which added 1.75 lakh contracts), followed by the 49,700 strike (1.32 lakh contracts) and the 49,500 strike (93,300 contracts). The maximum Put unwinding was seen at the 50,300 strike, which shed 1.08 lakh contracts, followed by the 50,500 and 50,600 strikes which shed 36,733 and 30,945 contracts, respectively.
Key Levels For The Bank Nifty
Resistance :- 50,151, 50,354, and 50,681Support :- 49,497, 49,294, and 48,967
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