Nifty Trades Near Day’s Low on Weekly Expiry
The Nifty 50 index gave up more than 100 points from the day’s high on weekly expiry day and was trading close to the day’s low as of 11:34 am.
The index hovered near the 23,140 level, holding marginal gains of 0.07 per cent, or 16 points.
Nifty Trade within Previous Day’s Range
On Tuesday, the index continued to trade within the range of the previous session, pointing to limited directional strength. Despite a positive start, the Intraday reversal from higher levels suggests that traders remain cautious near resistance zones. The options data for the June 9 expiry also shows that sellers are active at higher strikes.
Call Writers Active: PCR at Stands at 0.62
On the Call side, strong writing was visible between the 23,150 and 23,300 strike prices. The highest open interest addition was seen around the 23,200 strike, which also had the highest concentration of Call open interest. Max pain stood at 23,150. PCR stood at 0.62.
This setup suggests that option sellers are trying to defend the 23,200 zone. For Nifty to gain strength, it needs to sustain above 23,200. A decisive move above this level could lead to Call unwinding and may open room for an upside move towards 23,300.
Put Data Points to Support Near 23,000-23,100
On the Put side, notable open interest addition was seen at the 23,100 PE strike, followed by the 23,000 PE strike. The highest Put open interest concentration stood at 23,000, followed by 23,100. This indicates that traders are looking at the 23,000-23,100 zone as an immediate support area.
Range for the Nifty Weekly Expiry
Based on the options setup, the 23,000-23,200 zone remains crucial for Nifty on weekly expiry day. A sustained move above 23,200 could improve the short-term tone and shift momentum in favour of bulls. However, if the index fails to move past this level, it may continue to trade in a narrow range with a mild negative bias.