Market watch: What does the Futures and Options market suggest about trade on June 08?

The Nifty 50 put call ratio (PCR) closed at 0.55 for the day.

Rising bond yields globally and ahead of RBI's meeting, the equity market tumbled in today's trade. Nifty 50 opened at 16469.60 against the previous close of 16569.55, which means a gap down of almost 100 points. By the end of the day, it closed with a cut of 153.2 points or 0.92 per cent at 16416.35. 

Rising crude oil prices helped NIFTY OIL & GAS index to be the best performing index in today’s trade, it was up by 0.90 per cent. This is followed by NIFTY AUTO, which was up by 0.52 per cent. The worst performing index in today's trade was NIFTY CONSUMER DURABLES. It is down by 2.26 per cent. Out of the total 15.0 companies forming part of the index, 13.0 companies closed in red. Nifty VIX closed above the 20 level with a gain of 1.1 per cent.

Activity on the F&O front for weekly expiry on June 9 shows 17000 to act as a strong resistance now. Highest call open interest contract of 168306 stood at this strike price. The second-highest call option open interest 130293 for Nifty 50 stood at a strike price of 16800. In terms of the highest addition of open interest in the call options front, it was at 16500 in the last trading session. A total of 76136 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 15900, where 21351 open interest was added today, followed by 15950 strike price where (13375) open interest was added. Highest total put open interest (101750) stood at a strike price of 16000. This is followed by a strike price of 16400, which saw a total put option open interest of 71233 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.55 for the day. A PCR above 1 is considered bullish while a PCR below 1 is considered bearish.

Top five call and put open interest with their strike price