Market watch: What does the Futures and Options market suggest about trade on May 11?

The Nifty 50 put call ratio (PCR) closed at 0.59 for the day.

Indian equity market swung in red and green for the day and in the end, it closed in red. Nifty 50 opened at 16248.90 against the previous close of 16301.85, which means a gap down of 52.95 points. It finally closed with a cut of 61.8 points or 0.38 per cent at 16240.05. In today’s trade the best performing index was NIFTY PRIVATE BANK it was up by 0.75 per cent. This is followed by NIFTY BANK, which was up by 0.60 per cent. The worst performing index in today's trade was NIFTY METAL. It was down by 5.20 per cent. Out of total the 15.0 companies forming part of the index, all companies closed in red. Global markets are trading mix, as Asian markets closed in red while European markets are trading in green currently. Nifty VIX gained 1.22 per cent in today’s trade. 

Activity on the F&O front for weekly expiry on May 12 shows 17000 to act as a strong resistance now. Highest call open interest contract of 183955 stood at this strike price. The second-highest call option open interest 131230 for Nifty 50 stood at a strike price of 16500. In terms of the highest addition of open interest in the call options front, it was at 16400 in the last trading session. A total of 38205 open interest was added at this strike price. 

 In terms of put activity, the highest put writing was seen at a strike price of 15400, where 48170 open interest was added today, followed by the 15500 strike price where (23831) open interest was added. Highest total put open interest (124736) stood at a strike price of 16000. This is followed by a strike price of 15500, which saw a total put option open interest of 95415 contracts. 

The Nifty 50 put call ratio (PCR) closed at 0.59 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 May 12 stands at 16300.

Top five call and put open interest with their strike price