Call OI weakens even as bulls hold 25,500 PE fort
Thelatest options data on NSE after last Friday session, pointing to the resistance level that remained at 26,000CE for three weeks in a row, while the support level marginally rose 300 points to 25,500PE, but Call OI is weakening.
The 26,000CE has highest Call OI followed by 25,800/ 25,900/ 26,500/ 26,300/ 26,100/ 25,750/ 25,700/ 26,200 strikes, while 26,000/ 25,900/ 25,800/ 25,850/ 26,300 strikes recorded reasonable addition of Call OI. Call ITM strikes from 25,700 inwards witnessed marginal fall in Call OI. And moderate Call OI fall is visible in deep Call OTM strikes 27,000-27,100 range.
Coming to the Put side, maximum Put OI is seen at 25,500PE followed by 25,000/ 25,200/ 24,500/ 25,600/ 25,700/ 26,650/ 25,400/ 25,100/ 24,900/ 24,800/ 24,600 strikes. Further, 25,700/ 25,750/ 25,500/25,800/ 25,650/ 25,600/ 26,500 strikes recorded moderate build-up of Put OI. Put OTM strikes from 25,450 to 22,850 suffered Put OI offloading.
Dhirender Singh Bisht, associate vice-president (technical research-equity) at SMC Global Securities Ltd, said: “In the derivatives segment, the highest Call Open Interest for Nifty was observed at the 26,000 and 25,800 strike levels, whereas notable Put OI was concentrated at the 25,500 and 25,600 strikes.”
Nifty is hovering at its highest level in over past three months. Analysts expect Nifty may continue with its positive momentum and rise towards 25,800 level. Onthe downside, 25300-25,200 is expected to act as support area. During the last week, Nifty breached its major trading rangesupport by broade-based buying.
“The Indian market ended the week on a positive note, with the Nifty hitting a 52-week high and the Bank Nifty marking a new all-time high. The easing of lending norms by the central bank boosted expectations of strong earnings and growth, particularly in the consumption sector, in the coming quarters. Among sectors, capital markets and FMCG were the top gainers, while Media, IT, and PSU Banks closed the week in the red,” added Bisht.
For the week ended October 19, 2025, BSE Sensex closed at 83,952.19 points, a net recovery of 1,451.37 points or 1.75 per cent, from the previous week’s (October 10) closing of 82,500.82 points. NSE Nifty too rebounded by 424.50 points or 1.67 per cent to 25,709.85 points from 25,285.35 points a week ago.
Bisht forecasts: “On the daily chart, the Nifty has closed above its upward channel, indicating sustained bullish momentum. The Bank Nifty’s move to a new all-time high further underscores the market’s underlying strength. In the upcoming sessions, several heavyweight earnings announcements are expected, which could influence short-term market direction. For the Nifty, immediate support lies in the 25,200–25,400 zone. As long as the index trades above this level, the bullish outlook remains intact, and traders may continue to adopt a ‘buy on dips’ approach. On the upside, resistance is seen in the 26,000–26,200 range.” India VIX rose 7.36 per cent to 11.66 level.India VIX is expected to move up to 12 level due to uncertainty in the globalmarkets. So, consolidate is more likely within 12-10levels as that has been the range of it.
“Implied Volatility for Nifty’s Call options settled at 9.91 per cent, while Put options concluded at 10.56 per cent. The India VIX, a key indicator of market volatility, concluded the week at 10.86 per cent.
Bank Nifty
Bank Nifty NSE’s banking index closed the week at57,713.35points, a 1,103.60 or 1.94 per cent higher from the previous week’s closing of 56,609.75 points. “For Bank Nifty, significant Call OI was seen at the 58,000 strike, with substantial Put OI at the 57,000 strike,” said Bisht.