F&O Action: Futures and Options market cues for trading on March 31

The Nifty 50 put call ratio (PCR) closed at 1.11 for the day

Bulls seem to have the upper hand now as the domestic equity market rose for the third day. After getting a positive handover from the US market, Nifty 50 opened at 17468.15 against the previous close of 17325.30, which means a gap up of more than 140 points. It closed at 17498 and managed to break the trading range of 17,000-17,4000. HDFC twins, Reliance Industries and ICICI Bank helped the Nifty gain. Metals sulked in today’s trade and names such as Tata Steel, Hindalco and JSW steel were the main dragger of Nifty 50 today. Nifty VIX opened at 21.3025 and closed at 20.61 with a loss of 3.25 per cent. At one point in time, it traded below 20. 

 Activity on the F&O front for weekly expiry tomorrow shows highest call open interest contract of 203609.0 stood at an 18000 strike price. The second-highest call option open interest of 123446.5 for Nifty 50 stood at a strike price of 17500. In terms of the highest addition of open interest in the call options front, it was at 17600 in the last trading session. A total of 20567 open interest was added at this strike price. 

In terms of put activity, the highest put writing was seen at a strike price of 17500, where 88310 open interest was added today, followed by 17400 strike price where (74852) open interest was added. Highest total put open interest (131904.0) stood at a strike price of 17000. This is followed by a strike price of 16500, which saw a total put option open interest of 121207.0 contracts. 

The Nifty 50 put call ratio (PCR) closed at 1.11 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 17400.

Top five call and put open interest with their strike price