F&O Action: Futures and Options market cues for trading on March 17

The Nifty 50 put call ratio (PCR) closed at 0.84 for the day.

Taking a positive cue from global markets, the Indian equity market opened in green at 16876.65 against the previous close of 16663.0, which means a gap up of 213.65 points. At the end of trading, it closed at 16975.4 with a gain of 1.87 per cent or 312.3 points higher. HDFC twins along with tech major Infosys helped the indices to gain. 

In terms of sector gainers, it was Nifty Metal and Nifty Realty were the major gainer. All the sectoral indices closed in the green today. Nifty VIX opened at 26.73 and closed at 24.1175 with a loss of 9.77 per cent. 

Activity on the F&O front for weekly expiry tomorrow shows 17500 to act as a strong resistance now. Highest open interest contract of 173468 stood at this strike price. The second-highest call option open interest 124615 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 18000 in the last trading session. A total of 42738 open interest was added at this strike price. 

In terms of put activity, the highest put writing was seen at a strike price of 16000, where 82046 open interest was added today, followed by 16900 strike price where (64214) open interest was added. Highest total put open interest (177116) stood at a strike price of 16000. This is followed by a strike price of 16500, which saw a total put option open interest of 85185 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.84 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 tomorrow stands at 16900. 

Top five call and put open interest with their strike price