Put OI declining at ITM strikes

Afterhovering at 24,000PE for three weeks in a row, the support level marginally rose by 200 points to 24,200PE, while the resistance level remained at 25,000CE for a second consecutive week, according to the options data on NSE after last Friday’s session.

The 25,000CE has highest Call OI followed by 24,800/ 26,000/ 24,700/ 24,900/ 25,500/ 25,800/ 25,100/ 25,300 strikes, while 24,700/ 24,600/ 24,800/ 25,200/ 26,000/ 25,800/ 25,500 strikes recorded hefty build-up of Call OI. No OI fall is visible on Call strikes. Coming to the Put side, maximum Put OI is seen at 24,200PE followed by 23,300/ 24,500/ 23,700/ 23,900/ 24,600/ 24,700/ 24,600/ 24700/22,950 strikes. Further 24,200/ 23,500/ 23,300/ 23,000/ 23,100/ 24,550/ 24,400 strikes witnessed reasonable addition of Put OI. Marginal OI drop is visible at Put ITM strikes from 24,750 inwards.

Dhirender Singh Bisht, associate vice-president (technical research-equity) at SMC Global Securities Ltd, said: “In the derivatives segment, the highest Call Open Interest was seen at the 25,000 and 24,800 strike levels, whereas Put writing was prominent at the 24,500 strike. Implied Volatility for Nifty’s Call options settled at 10.63 per cent, while Put options concluded at 11.27 per cent.”

“Nifty and Bank Nifty ended the week in the red, weighed down by a sharp global reaction to a tweet from U.S. President Trump announcing a 25 per cent tariff on Indian goods.

The Nifty index declined by over one per cent, while Bank Nifty fell more than 1.5 per cent over the week. On the sectorial front, FMCG, chemical, and consumption stocks saw notable gains. However, profit booking was evident in realty, small-cap, and defence stocks, which faced pressure on the weekly charts,” said Bisht.

For the week ended August 1, 2025, BSE Sensex closed at 80,599.91points, a fall of 863.18 points or 1.05 per cent, from the previous week’s (July 25) closing of 81,463.09 points. NSE Nifty too declined by 271.65 points or 1.09 per cent to 24,565.35points from 24,837 points a week ago.

Bisht forecasts:“Failure to break above these levels could trigger further downside. Traders should watch these levels, open interest trends, and geopolitical cues closely in upcoming sessions. For the upcoming sessions, Nifty has support at 24200 and 24000 level whereas resistance is placed at 24,900-25,000 zone.” India VIX rose 3.75 per cent to 11.98 level.

“The India VIX, a key indicator of market volatility, concluded the week at 11.54 per cent. The Put-Call Ratio of Open Interest stood at 1.09 for the week. Nifty rollover fell to 75.71 per cent, below the previous month and 3-month average, signaling weak momentum for August. In contrast, Bank Nifty rollover rose to 77.98 per cent, showing relative strength. Key rollover zones are 24,800–24,850 for Nifty and 56,200–56,300 for Bank Nifty,” remarked Bisht.

Bank Nifty

Bank Nifty NSE’s banking index closed the week at 55,617.60points, 911.30 or 1.61 per cent lower from the previous week’s closing of 56,528.90 points.