Nifty, BankNifty Outlook or analysis based on option chain (Jan 30 25)
Funds Flow (Rs crore) Last Closing
DII 1,792.71
FII/FPI -2,586.43
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, jumped to 1.06 on January 29, from 0.95 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 volatility index, India VIX, which measures expected market volatility, climbed further and hit a nearly six-month high, rising 2.45 percent to 18.64.
Nifty Call Options Data
According to the monthly options data, the 24,000 strike holds the maximum Call open interest (with 1.26 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 (76.52 lakh contracts) and the 23,500 strike (74.4 lakh contracts).
Maximum Call writing was observed at the 23,150 strike, which saw an addition of 12.75 lakh contracts, followed by the 23,600 and 23,900 strikes, which added 8.64 lakh and 8.56 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,000 strike which shed 9.69 lakh contracts, followed by the 23,200 and 23,300 strikes which shed 9.34 lakh and 5.82 lakh contracts, respectively.
Nifty Put Options Data
On the Put side, the maximum Put open interest was seen at the 23,000 strike (with 1.19 crore contracts), which can act as a key support level for the Nifty. It was followed by the 22,000 strike (1.15 crore contracts) and the 22,500 strike (1.01 crore contracts).
The maximum Put writing was placed at the 22,500 strike, which saw an addition of 37.44 lakh contracts, followed by the 23,100 and 23,000 strikes, which added 30.23 lakh and 17.23 lakh contracts, respectively. The maximum Put unwinding was seen at the 22,200 strike, which shed 9.35 lakh contracts, followed by the 22,000 and 23,700 strikes, which shed 5.62 lakh and 2.48 lakh contracts, respectively.
Key Levels For The Nifty 50
Resistance:23,187, 23,235, and 23,314
Support:23,029, 22,980, and 22,901
Bank Nifty Call Options Data
According to the monthly options data, the 51,000 strike holds the maximum Call open interest, with 26.65 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 (24.28 lakh contracts) and the 50,500 strike (18.17 lakh contracts).
Maximum Call writing was visible at the 49,100 strike (with the addition of 3.67 lakh contracts), followed by the 49,200 strike (2.74 lakh contracts) and the 50,200 strike (2.16 lakh contracts). The maximum Call unwinding was seen at the 48,500 strike, which shed 1.23 lakh contracts, followed by the 48,600 and 51,000 strikes, which shed 99,525 and 93,765 contracts, respectively.
Bank Nifty Put Options Data
On the Put side, the maximum Put open interest was seen at the 47,000 strike (with 19.71 lakh contracts), which can act as a key support level for the index. This was followed by the 48,000 strike (19.34 lakh contracts) and the 49,000 strike (18.67 lakh contracts).
The maximum Put writing was observed at the 48,200 strike (which added 11.53 lakh contracts), followed by the 49,000 strike (6.82 lakh contracts) and the 49,100 strike (3.48 lakh contracts). The maximum Put unwinding was seen at the 47,800 strike, which shed 8.42 lakh contracts, followed by the 48,800 and 46,900 strikes which shed 1.15 lakh and 75,555 contracts, respectively.
Key Levels For The Bank Nifty
Resistance:49,205, 49,288, and 49,422
Support:48,938, 48,856, and 48,722
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