Nifty, BankNifty Outlook or analysis based on option chain (Jan 31 25)
Funds Flow (Rs crore) Last Closing
DII 2,165.89
FII/FPI -4,582.95
Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 0.97 on January 30, from 1.06 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
India VIX, the volatility index that measures expected market volatility, fell for the first time in the last five consecutive sessions, down by 6.71 percent to 17.39.
Nifty Call Options Data
According to the weekly options data, the maximum Call open interest was seen at the 24,000 strike (with 32.45 lakh contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 23,200 strike (24.53 lakh contracts) and the 23,500 strike (22.8 lakh contracts).
Maximum Call writing was observed at the 24,000 strike, which saw an addition of 13.17 lakh contracts, followed by the 23,300 and 23,200 strikes, which added 11.34 lakh and 8.66 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,100 strike which shed 47,700 contracts, followed by the 22,950 and 22,550 strikes which shed 31,050 and 5,175 contracts, respectively.
Nifty Put Options Data
On the Put side, the 23,000 strike holds the maximum Put open interest (with 30.8 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 23,200 strike (25.56 lakh contracts) and the 22,000 strike (21.94 lakh contracts).
The maximum Put writing was placed at the 23,200 strike, which saw an addition of 13.22 lakh contracts, followed by the 23,300 and 22,500 strikes, which added 10.45 lakh and 10.27 lakh contracts, respectively. There was hardly any Put unwinding seen in 22,000-24,400 strike band.
Key Levels For The Nifty 50
Resistance:23,307, 23,350, and 23,420
Support:23,167, 23,124, and 23,054
Bank Nifty Call Options Data
According to the monthly options data, the maximum Call open interest was seen at the 49,000 strike, with 7.02 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 51,000 strike (6.37 lakh contracts) and the 50,000 strike (5.99 lakh contracts).
Maximum Call writing was visible at the 50,000 strike (with the addition of 2.05 lakh contracts), followed by the 49,000 strike (1.5 lakh contracts) and the 49,500 strike (1.37 lakh contracts). There was hardly any Call unwinding seen in the 47,200-51,400 strike band.
Bank Nifty Put Options Data
On the Put side, the 49,000 strike holds the maximum Put open interest (with 9.38 lakh contracts), which can act as a key support level for the index. This was followed by the 48,000 strike (5.02 lakh contracts) and the 50,000 strike (4.9 lakh contracts).
The maximum Put writing was observed at the 49,000 strike (which added 2.66 lakh contracts), followed by the 49,500 strike (1.65 lakh contracts) and the 50,000 strike (1.58 lakh contracts). There was hardly any Put unwinding seen in the 47,200-51,400 strike band.
Key Levels For The Bank Nifty
Resistance:49,407, 49,500, and 49,651
Support:49,106, 49,013, and 48,862
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