F&O Action: Futures and Options market cues for trading on March 23

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

Nifty 50 recouped all the losses made in yesterday’s trade after a report that Ukrainian President Volodymyr Zelensky was prepared to discuss a commitment from Ukraine not to seek NATO membership in exchange for a cease-fire. Nifty 50 gained more than 300 points from its intraday low and Sensex gained more than 1000 points from its lows. Index heavyweight Reliance Industries, Infosys and TCS helped the recovery. Nifty VIX cooled off in today’s trade as it opened at 24.6225 and closed at 24.07 with a loss of 2.24 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 147308 stood at this strike price. The second-highest call option open interest 112380 for Nifty 50 stood at a strike price of 17800. In terms of the highest addition of open interest in the call options front, it was at 17800 in the last trading session. A total of 44037 open interest was added at this strike price. 

In terms of put activity, the highest put writing was seen at a strike price of 16300, where 67037 open interest was added today, followed by 17000 strike price where (43625) open interest was added. Highest total put open interest (97142) stood at a strike price of 16300. This is followed by a strike price of 17000, which saw a total put option open interest of 88122 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 on March 24 stands at 17300. 

Top five call and put open interest with their strike price