Market watch: What does the F&O market suggest about trade on March 22?

The Nifty 50 put call ratio (PCR) closed at 0.54 for the day.

The Indian equity market started the week on a lower note. Nifty 50 shed almost 170 points in today’s trade. It opened at 17329.50 against the previous close of 17287.05. Nevertheless, it could not sustain that and closed below the 17,150 level. The best performing index in today’s trade was NIFTY METAL which was up by 1.50 per cent. This is followed by NIFTY MEDIA. The worst performing index in today's trade was NIFTY FMCG. Nifty VIX opened at 22.61 and closed at 24.62 with a gain of 8.9 per cent.

Activity on the F&O front for weekly expiry on March 24 shows 18000 to act as a strong resistance. Highest open interest contract of 162706 stood at this strike price. The second-highest call option open interest 110732 for Nifty 50 stood at a strike price of 17500. In terms of the highest addition of open interest in the call options front, it was at 18000 in the last trading session. A total of 108290 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 16500, where 31047 open interest was added today, followed by 17100 strike price where (27020) open interest was added. Highest total put open interest (77323) stood at a strike price of 16000. This is followed by a strike price of 16500, which saw a total put option open interest of 60452 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.54 for the day. A PCR above 1 is considered bullish while a PCR below 1 is considered bearish.

Max pain at the end of today's trade for weekly expiry on March 24 stands at 17200.

Top five call and put open interest with their strike price