Nifty, BankNifty Outlook or analysis based on option chain (Jan 10 25)
Funds Flow (Rs crore) Last closing
DII : 7,639.63FII/FPI : -7,170.87
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, climbed to 0.92 on January 9, from 0.83 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 fear gauge that measures market volatility, increased by 1.33% to 14.66, signaling caution for bulls. It needs to drop below the 14 level for bulls to enter action mode.Nifty Call Options Data
According to the weekly options data, the 24,500 strike holds the maximum Call open interest (with 67.54 lakh contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 24,000 strike (43.28 lakh contracts) and the 23,800 strike (34.34 lakh contracts).Maximum Call writing was observed at the 24,500 strike, which saw an addition of 43.16 lakh contracts, followed by the 23,800 and 24,000 strikes, which added 24.7 lakh and 24.64 lakh contracts, respectively. There was hardly any Call unwinding seen in the 22,600-24,600 strike band.
Nifty Put Options Data
On the Put side, the maximum Put open interest was seen at the 23,000 strike (with 31.51 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 23,500 strike (25.89 lakh contracts) and the 23,600 strike (24.71 lakh contracts).The maximum Put writing was placed at the 23,000 strike, which saw an addition of 16.62 lakh contracts, followed by the 23,600 and 22,700 strikes, which added 16.08 lakh and 14.79 lakh contracts, respectively. There was hardly any Put unwinding seen in the 22,600-24,600 strike band.
Key Levels For The Nifty 50
Resistance :- 23,644, 23,688, and 23,759Support :- 23,502, 23,458, and 23,387
Bank Nifty Call Options Data
According to the monthly options data, the 51,000 strike holds the maximum Call open interest, with 16.8 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 51,500 strike (13.45 lakh contracts) and the 50,000 strike (10.86 lakh contracts).Maximum Call writing was visible at the 50,000 strike (with the addition of 1.69 lakh contracts), followed by the 49,500 strike (1.5 lakh contracts) and the 50,500 strike (90,165 contracts). The maximum Call unwinding was seen at the 50,200 strike, which shed 11,820 contracts, followed by the 51,100 and 51,800 strikes, which shed 9,300 and 8,220 contracts, respectively.
Bank Nifty Put Options Data
On the Put side, the maximum Put open interest was seen at the 49,000 strike (with 12.09 lakh contracts), which can act as a key support level for the index. This was followed by the 50,000 strike (11.38 lakh contracts) and the 48,000 strike (11.17 lakh contracts).The maximum Put writing was observed at the 49,300 strike (which added 87,315 contracts), followed by the 49,400 strike (82,155 contracts) and the 49,500 strike (75,705 contracts). The maximum Put unwinding was seen at the 50,000 strike, which shed 73,380 contracts, followed by the 50,200 and 51,000 strikes which shed 48,960 and 38,280 contracts, respectively.
Key Levels For The Bank Nifty
Resistance :- 49,728, 49,862, and 50,079Support :- 49,294, 49,160, and 48,943
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