Market watch: What does the F&O market suggest about trade on February 24?

The Nifty 50 put call ratio (PCR) closed at 0.73 for the day.

Indian equity market underperformed the global peers in today’s trade. Except for NIKKEI 225 Index and Nifty 50, all other Asian markets closed in green. Even European markets are currently trading in green and on average are up by 0.5 per cent. Nifty 50 opened in green however, in the last half hour of trade it erased all its gain and closed at 17063.25 with a fall of 0.17 per cent. Nifty VIX today fell by 7.95 per cent and closed at 24.54.   

Activity on the F&O front for weekly expiry tomorrow shows 17500 to act as a strong resistance now. Highest open interest contract of 185371 stood at this strike price. The second-highest call option open interest 178433 for Nifty 50 stood at a strike price of 18000. In terms of the highest addition of open interest in the call options front, it was at 17200 in the last trading session. A total of 96762 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 84576 open interest was added today, followed by 17100 where (40895) open interest was added. Highest total put open interest (180062) stood at a strike price of 16500. This is followed by a strike price of 17000, which saw a total put option open interest of 122705 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.73 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