F&O Cues: Key support & resistance levels for Nifty 50
5paisa Research Team
Last Updated: 3rd November 2021 - 08:46 am
For trade on November 3, Nifty F&O action shows 17,500 will act as key support while 18,000 will now be a strong resistance.
Nifty after showing a spectacular gain on Monday’s trading session cooled off on Tuesday’s trade. It closed 40 points lower in yesterday’s trade. Nevertheless, the broader market and banking sector outperformed as Nifty Midcap was up by 0.83% while the banking name such as RBL gained in double-digit and overall banking index was up by 0.44%. Nifty 50 opened on a positive note yesterday, however soon it fell in the early part of the trade and continued sideways for the remaining part of the day.
Activity on the F&O market for the weekly expiry on November 3, 2021, shows 18,000 will now act as strong resistance. The highest call option open interest (1,90,549) stood at this strike price. It shed 64552 contracts in yesterday’s trade which shows that call writers are nearly sure that the market will close below this level in today’s trade. The next highest call option open interest stands at 18,200 where total open interest stood at 1,38,200. Almost 40,000 open interest was added at a strike price of 18,200.
In terms of put activity that will give a sense of support, the highest put writing was seen at a strike price of 17500 (74,680 contracts added on November 02), followed by 17,700 (68,987 contracts added on November 01), while there was put unwinding at strike price 16800 (20554 contracts shed), followed by 17,800 (15,821 contracts shed).
Highest total put open interest (74,680) stood at a strike price of 17,500. This is followed by a strike price of 17,700, which saw a total put option open interest of 68,987 contracts.
Following table shows the difference between call and put options at a strike price near to max pain of 17900.
|
Strike Price |
Open Interest (Call option) |
Open Interest (Put option) |
Diff(Put – Call) |
|
17,600.00 |
4321 |
59253 |
54932 |
|
17,700.00 |
17354 |
68987 |
51633 |
|
17,800.00 |
26686 |
67956 |
41270 |
|
17900 |
62572 |
48322 |
-14250 |
|
18,000.00 |
190549 |
45156 |
-145393 |
|
18,100.00 |
105776 |
5228 |
-100548 |
|
18,200.00 |
138200 |
6957 |
-131243 |
The Nifty 50 put call ratio (PCR) closed at 0.55 worse than 0.72 in the last trading session. A PCR above 1 is considered bullish while a PCR below 1 is considered bearish.
Following table shows the participant wise action of key players on the index options front.
|
|
Index Put Options |
||||
|
Client Type |
Change of OI* |
% Change of OI* |
Nov 02 2021 |
Nov 01 2021 |
Oct 29 2021 |
|
Client |
-14962 |
-4.93% |
-318531 |
-303569 |
-335526 |
|
Pro |
-4197 |
-7.78% |
49755 |
53952 |
84353 |
|
DII |
2000 |
4.88% |
43014 |
41014 |
37014 |
|
FII |
17159 |
8.23% |
225761 |
208602 |
214159 |
|
*Change from Previous Day |
|
|
|
|
|
|
|
Index Call Options |
||||
|
Client Type |
Change of OI* |
% Change of OI* |
Nov 02 2021 |
Nov 01 2021 |
Oct 29 2021 |
|
Client |
140467 |
1666.28% |
148897 |
8430 |
157890 |
|
Pro |
-114613 |
-141.39% |
-195673 |
-81060 |
-188121 |
|
DII |
0 |
0.00% |
401 |
401 |
401 |
|
FII |
-25853 |
-35.79% |
46376 |
72229 |
29830 |
|
*Change from Previous Day |
|
|
|
|
|
|
Net Change in Open Interest |
|||||
|
Client Type |
Change of OI* |
% Change of OI* |
Nov 02 2021 |
Nov 01 2021 |
Oct 29 2021 |
|
Client |
155429 |
49.82% |
467428 |
311999 |
493416 |
|
Pro |
-110416 |
-81.78% |
-245428 |
-135012 |
-272474 |
|
DII |
-2000 |
-4.92% |
-42613 |
-40613 |
-36613 |
|
FII |
-43012 |
-31.54% |
-179385 |
-136373 |
-184329 |
|
*Change from Previous Day |
|
|
|
|
|
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