Market watch: What does the Futures and Options market suggest about trade on June 29?

The Nifty 50 put call ratio (PCR) closed at 0.91 for the day.

Indian equity market erased all the initial loss but managed to close in the green. It was positive news from China that helped the market to recover. China announced removing of COVID-19 restrictions after Beijing and Shanghai reported Zero Covid Cases, which lifted the sentiment and concerns around the supply chain issue. 

Nifty 50 opened at 15757.45 against the previous close of 15832.05, which means a gap down of 75 points. However, it closed with a gain of 18.15 points or 0.11 per cent at 15850.2, gaining about 150 points from its low. News from China lifted the metal prices and in today’s trade, the best performing indices were from commodities. NIFTY OIL & GAS was up by 2.27 per cent. This is followed by NIFTY METAL, which was up by 1.67 per cent. The worst performing index in today's trade was NIFTY CONSUMER DURABLES. It was down by 1.33 per cent. Nifty VIX continued to gain and closed at 21.45 with a gain of 2.11 per cent.

Activity on the F&O front for weekly expiry on June 30 shows 16000 to act as a strong resistance now. The highest call open interest contract of 198030.0 stood at this strike price. The second-highest call option open interest 184435.0 for Nifty 50 stood at a strike price of 16300. In terms of the highest addition of open interest in the call options front, it was at 16300 in the last trading session. A total of 66503 open interest was added at this strike price.

In terms of put activity, the highest put writing was seen at a strike price of 15800, where 39965 open interest was added today, followed by 15600 strike price where (32826) open interest was added. Highest total put open interest (160533.0) stood at a strike price of 15000. This is followed by a strike price of 15500, which saw a total put option open interest of 154300.0 contracts.

The Nifty 50 put call ratio (PCR) closed at 0.91 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 June 30 stands at 15800.

Top five call and put open interest with their strike price