Nifty, BankNifty Outlook or analysis based on option chain (Jan 29 25)
Funds Flow (Rs crore) Last Closing
DII 6,814.33
FII/FPI -4,920.69
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, climbed to 0.95 on January 28, from 0.75 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 expected market volatility, rose by 0.34 percent to 18.20, marking the highest closing level since August 6, 2024. This elevated volatility ahead of the Union Budget is expected to keep the bulls cautious.
Nifty Call Options Data
According to the monthly options data, the maximum Call open interest was seen at the 24,000 strike (with 1.2 crore contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 23,000 strike (86.21 lakh contracts) and the 23,500 strike (74.32 lakh contracts).
Maximum Call writing was observed at the 23,700 strike, which saw an addition of 10.69 lakh contracts, followed by the 23,650 and 22,100 strikes, which added 5.92 lakh and 3.7 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,750 strike which shed 13.58 lakh contracts, followed by the 23,200 and 23,800 strikes which shed 13.4 lakh and 10.36 lakh contracts, respectively.
Nifty Put Options Data
On the Put side, the 22,000 strike holds the maximum Put open interest (with 1.21 crore contracts), which can act as a key support level for the Nifty. It was followed by the 23,000 strike (1.01 crore contracts) and the 22,500 strike (63.62 lakh contracts).
The maximum Put writing was placed at the 23,000 strike, which saw an addition of 49.39 lakh contracts, followed by the 22,900 and 22,000 strikes, which added 32.76 lakh and 25.1 lakh contracts, respectively. The maximum Put unwinding was seen at the 23,500 strike, which shed 3.94 lakh contracts, followed by the 24,000 and 22,600 strikes, which shed 3.04 lakh and 2.75 lakh contracts, respectively.
Key Levels For The Nifty 50
Resistance:23,091, 23,157, and 23,264
Support:22,877, 22,811, and 22,704
Bank Nifty Call Options Data
According to the monthly options data, the maximum Call open interest was seen at the 51,000 strike, with 27.59 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 50,000 strike (22.42 lakh contracts) and the 50,500 strike (17.62 lakh contracts).
Maximum Call writing was visible at the 50,200 strike (with the addition of 8.37 lakh contracts), followed by the 50,600 strike (1.81 lakh contracts) and the 50,800 strike (1.35 lakh contracts). The maximum Call unwinding was seen at the 49,000 strike, which shed 13.05 lakh contracts, followed by the 50,000 and 51,000 strikes, which shed 8.74 lakh and 8.1 lakh contracts, respectively.
Bank Nifty Put Options Data
On the Put side, the 47,000 strike holds the maximum Put open interest (with 19.52 lakh contracts), which can act as a key support level for the index. This was followed by the 48,000 strike (16.6 lakh contracts) and the 47,800 strike (14.55 lakh contracts).
The maximum Put writing was observed at the 47,800 strike (which added 9.88 lakh contracts), followed by the 48,800 strike (5.07 lakh contracts) and the 49,000 strike (4.42 lakh contracts). The maximum Put unwinding was seen at the 47,000 strike, which shed 6.49 lakh contracts, followed by the 47,900 and 50,000 strikes which shed 61,005 and 54,840 contracts, respectively.
Key Levels For The Bank Nifty
Resistance:49,159, 49,348, and 49,652
Support:48,550, 48,361, and 48,056
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