Nifty, BankNifty Outlook or analysis based on option chain (Jan 16 25)
Funds Flow (Rs crore) Last Closing
DII 3,682.54
FII/FPI -4,533.49
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 0.82 on January 15, from 0.86 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 (VIX), which measures expected market volatility, fell further by 1.37 percent to 15.26, but it remains unfavourable for bulls to regain strong momentum.
Nifty Call Options Data
According to the weekly options data, the 23,300 strike holds the maximum Call open interest (with 1.44 crore contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 24,000 strike (1.35 crore contracts) and the 23,500 strike (1.08 crore contracts).
Maximum Call writing was observed at the 23,300 strike, which saw an addition of 85.72 lakh contracts, followed by the 23,250 and 23,200 strikes, which added 50.15 lakh and 39.5 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,750 strike, which shed 4.9 lakh contracts, followed by the 23,800 and 23,950 strikes, which shed 4.49 lakh and 3.52 lakh contracts, respectively.
Nifty Put Options Data
On the Put side, the maximum Put open interest was seen at the 23,200 strike (with 1.34 crore contracts), which can act as a key support level for the Nifty. It was followed by the 23,000 strike (1.14 crore contracts) and the 22,500 strike (88.48 lakh contracts).
The maximum Put writing was placed at the 22,700 strike, which saw an addition of 45.64 lakh contracts, followed by the 23,200 and 22,650 strikes, which added 41.8 lakh and 30.67 lakh contracts, respectively. The maximum Put unwinding was seen at the 22,450 strike, which shed 41.39 lakh contracts, followed by the 22,500 and 22,400 strikes, which shed 17.32 lakh and 15.5 lakh contracts, respectively.
Key Levels For The Nifty 50
Resistance:23,274, 23,309, and 23,365
Support:23,162, 23,127, and 23,070
Bank Nifty Call Options Data
According to the monthly options data, the 50,000 strike holds the maximum Call open interest, with 18.04 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 49,000 strike (13.05 lakh contracts) and the 50,500 strike (10.17 lakh contracts).
Maximum Call writing was visible at the 49,000 strike (with the addition of 2.47 lakh contracts), followed by the 48,900 strike (1.03 lakh contracts) and the 48,800 strike (80,415 contracts). The maximum Call unwinding was seen at the 47,500 strike, which shed 36,180 contracts, followed by the 50,600 and 48,600 strikes, which shed 30,405 and 19,755 contracts, respectively.
Bank Nifty Put Options Data
On the Put side, the maximum Put open interest was seen at the 48,000 strike (with 13.87 lakh contracts), which can act as a key support level for the index. This was followed by the 47,000 strike (11.7 lakh contracts) and the 49,000 strike (10.35 lakh contracts).
The maximum Put writing was observed at the 48,000 strike (which added 64,455 contracts), followed by the 48,900 strike (26,505 contracts) and the 49,000 strike (25,620 contracts). The maximum Put unwinding was seen at the 47,000 strike, which shed 82,800 contracts, followed by the 48,500 and 50,000 strikes which shed 66,810 and 64,365 contracts, respectively.
Key Levels For The Bank Nifty
Resistance:49,000, 49,133, and 49,347
Support:48,572, 48,439, and 48,225
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