Market watch: What does the Futures and Options market suggest about trade on April 28?

The Nifty 50 put call ratio (PCR) closed at 0.76 for the day.

Getting a negative handover from US equity market, and weak global cues negated the smart up move made by the Indian equity market yesterday. Nifty 50 opened at 17073.35 against the previous close of 17200.80, which means a gap down of -127.45 points. It finally closed with a loss of 162.4 points or 0.94 per cent at 17038.4. Companies that dragged the market today were 'Titan Company', 'Bajaj Finserv', 'Infosys', 'ICICI Bank' and 'Bajaj Finance'. The breadth of the market remained in favour of decline and the ratio was near 1:3. Investors are worried about global growth, increasing Covid cases in China and disappointing earnings from US Tech majors. Volatility index also increased by 7.38 per cent and closed above the 20 level at 20.605. 

Activity on the F&O front for weekly expiry tomorrow shows 17500 to act as a strong resistance now. Highest call open interest contract of 173704 stood at this strike price. The second-highest call option open interest 163112 for Nifty 50 stood at a strike price of 17300. In terms of the highest addition of open interest in the call options front, it was at 17100 in the last trading session. A total of 90095 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 17000, where 50193 open interest was added today, followed by 16500 strike price where (22580) open interest was added. Highest total put open interest (200939) stood at a strike price of 17000. This is followed by a strike price of 16400, which saw a total put option open interest of 148260 contracts. 

The Nifty 50 put call ratio (PCR) closed at 0.76 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 tomorrow stands at 17100.

Top five call and put open interest with their strike price