Market watch: What does the Futures and Options market suggest about trade on April 7?

The Nifty 50 put call ratio (PCR) closed at 0.66 for the day.

Taking cues from wall street closing yesterday, Nifty opened negatively in today’s trade and continued to trade sideways with a downward bias. It finally closed just above the 17800 mark with a loss of 149.75 points at the 17,808 level. It was banking names and IT stocks that led to the frontline indices lower. Broader market closed in green with Nifty Midcap 100 up 0.6 per cent while Nifty Smallcap 100 was up marginally by 0.1 per cent. Nifty VIX opened at 18.49 and closed at 19.02 with a gain of 2.89 per cent. 

Activity on the F&O front for weekly expiry tomorrow shows 18000 to act as a strong resistance now. Highest call open interest contract of 199914 stood at this strike price. The second-highest call option open interest 140787 for Nifty 50 stood at a strike price of 18100. In terms of the highest addition of open interest in the call options front, it was at 17900 in the last trading session. A total of 113612 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 17800, where 19577 open interest was added today, followed by 17700 strike price where (18907) open interest was added. Highest total put open interest (124589) stood at a strike price of 17500. This is followed by a strike price of 17800, which saw a total put option open interest of 101732 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.66 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 17800.

Top five call and put open interest with their strike price