Rollover strength holds undercurrent buoyancy

The25,000CE has highest Call OI followed by 24,600/ 24,500/ 25,200/ 25,500/25,100/ 24,800 strikes, while 24,500/ 24,600/25,200/25,500/24,450 strikes recorded hefty build-up of Call OI. Only 26,600CE has minute OI fall.

Coming to the Put side, maximum Put OI is seen at 23,500 followed by 24,000/ 23,000/ 24,200/ 24,300 strikes. Further, 23,500/23,600/ 24,300/24,400/ 24,100 strikes hold moderate addition of Put OI. Put ITM strikes from 24,600 inwards had marginal OI fall.

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 24,600 and 24,500 strike levels, whereas put writing was prominent at the 24,400 strike.”

So far there was no any major short covering despite positive developments in both domestic and international front. Domestic liquidity support has been continuing. A round of short covering is projected till Nifty is able to hold crucial 24,800 level. On higher side, a fresh move above 25,100 level may extend the market move further towards 25,400 in the coming sessions, according to ICICIdirect.com.

“Concerns over growth, triggered by the US imposing additional tariffs on India, weighed heavily on the Indian markets. Both broader indices ended the week in red, with Nifty slipping over 1.7 per cent and Bank Nifty declining 2.7 per cent. Capital markets, financial services, and realty stocks were among the major losers, while FMCG stocks managed to close the week in positive territory,” added Bisht.

For the week ended August 29, 2025, BSE Sensex closed at 79,809.65 points, a net loss of 1,497.2 points or 1.84 per cent, from the previous week’s (August 22) closing of 81,306.85 points. NSE Nifty too declined 443.25 points or 1.78 per cent to 24,426.85 points from 24,870.10 points a week ago.

Bisht forecasts: “Traders should keep a close watch on these levels, track open interest trends, and stay alert to global geopolitical developments, as these factors could heavily influence market direction. For the upcoming sessions, Nifty has support at 24,200 level whereas resistance is placed at 24,800.”

India VIX fell 3.49 per cent to 11.75 level. “Implied Volatility for Nifty’s call options settled at 10.93 per cent, while Put options concluded at 11.89 per cent. The India VIX, a key indicator of market volatility, concluded the week at 12.18 per cent. The Put-Call Ratio of Open Interest (PCR OI) stood at 1.20 for the week,” remarked Bisht.

The high call base is placed at 25000CE. Hence any closure above this level can be considered as a first sign of short covering. While no major Put base is placed, but we believe a move below 23,500 level may extend the weakness once again.

“Nifty rollovers rose to 83.63 per cent, up from 75.71 per cent last month and above the three-month average of 78.11 per cent, indicating strong momentum for the September series. Bank Nifty rollovers also strengthened to 80.90 per cent, compared to 77.98 per cent last month, showing higher carryover of positions versus the previous series. For Nifty, most positions were rolled within the 24,800–24,850 futures zone, while in Bank Nifty the key rollover range is 54,650–54,750. If these levels fail to break on the upside, both indices may face further downside pressure,” elaborates Bisht.

Bank Nifty

Bank Nifty NSE’s banking index closed the week at 53,655.65 points, 1,493.75 or 2.70 per cent lower from the previous week’s closing of 55,149.40 points.