Options Data Points To Sideways Trading

The resistance level declined by 1,250 points to 25,000CE and the support level too eased marginally 350 points to 23,500PE as per latest options data on NSE. The 25,000CE recorded highest Call OI followed by 26,100/ 26,000/ 24,300/ 25,200/ 25,800/ 24,800/ 24,700 / 24,100 strikes, while 24,500/ 24,400/ 25,000/ 24,300 strikes recoded reasonable addition of Call OI. Negligible Call OI fall is visible on select deep ITM strikes.

Maximum Put OI is seen at 23,500PE followed by 23,000/ 23,200/ 23,800/ 23,900/ 23,300/ 22,900 strikes. Further, 23,900/ 23,800/ 23,500/ 23,200/ 22,500/ 23,800 strikes posted moderate build-up of Put OI. Moderate Put OI declined at few deep Put ITM strikes.

Dhirender Singh Bisht, associate vice-president (technical research-equity) at SMC Global Securities Ltd, said: “Looking at Nifty’s derivatives data, the highest Call Open Interest were observed at the 24,500 and 24,200 strikes, while Put writers were active at the 24,000 and 23,800 strikes.”

“Due to the rise in geopolitical tension after the terror attack in Pahalgam, the Indian market faced pressure at higher levels and closed with minor gains on a weekly basis. The major gainers on the weekly charts were IT, Auto, and Midcap shares, whereas media, consumer durables, and PSEs were the major losers,” added Bisht.

For the week ended April 25, 2025, BSE Sensex closed at 79,212.53 points, a further recovery of 659.33 points or 0.83 per cent, from the previous week’s (April 18) closing of 78,553.20 points. NSE Nifty too marginally higher by 187.70 points or 0.78 per cent to 24,039.35 points from 23,851.65 points a week ago.

Bisht forecasts: “Traders should closely monitor these key zones and Open Interest trends for further cues on market direction. For the upcoming sessions, Nifty has support at 23,800 followed by 23,500 whereas resistance is placed at 24400-24500 zone.”

India VIX rose 5.58 per cent to 17.16 level. Implied Volatility (IV) for Nifty’s Call options settled at 15.03 per cent, while Put options concluded at 15.94 per cent. The India VIX, a key indicator of market volatility, concluded the week at 16.25 per cent. The Put-Call Ratio of Open Interest (PCR OI) stood at 1.49 for the week.

“The Nifty rollover rate has slightly up 79.08% from 76.09% last month, but remains below the three-month average of 80.15 per cent, indicating steady momentum for the May series. In contrast, Bank Nifty rollovers stand at 75.05 per cent, down from 76.98 per cent last month and below the three-month average of 79.25 per cent, reflecting comparatively weaker momentum,” remarked Bisht.

Nifty positions were mostly carried forward around the 24,200–24,250 futures range, while Bank Nifty rollovers were concentrated between 55,300–55,400. A breach of these levels may lead to downside pressure in both indices, said Bisht.

Bank Nifty

Bank Nifty NSE’s banking index closed the week at 54,664.05 points, a modest rebound of 373.85 or 0.68 per cent from the previous week’s closing of 54,290.20 points.