24,000 Remains Resistance for Nifty
On the Call (CE) side, option writers continue to build positions at the 24,000 CE strike. This strike has seen the highest open interest addition and also holds the maximum open interest concentration.
This clearly suggests that 24,000 remains the most important resistance level for the day. As long as Nifty trades below this mark, Call writers are likely to retain control. A sustained move above 24,000, however, could trigger discomfort for Call writers and may lead to some short covering.
Support Base Shifts From 23,800 to 23,900
The Put (PE) side has also seen an important shift. In the earlier update, the highest Put open interest addition was seen at the 23,850 PE strike. Now, fresh Put writing has shifted higher to the 23,900 PE strike, while 23,850 remains the second-highest strike in terms of addition.
As a result, the maximum Put open interest concentration now stands at 23,900. This indicates that 23,900 has become the immediate support zone for Nifty. A sustained move below this level could weaken the intraday structure and may invite pressure in the final trading hour.
What Has Changed Since the Morning Expiry Update?
Compared with the earlier setup, the market structure has turned slightly more balanced. Earlier, the PCR at 0.67 suggested stronger Call writing pressure and a more cautious setup. Now, with PCR moving to 0.84 and max pain shifting higher to 23,950, Put writers appear to have gained some confidence.
However, the broader range has not changed much. The 24,000 level continues to cap the upside, while support has moved higher from 23,800 to 23,900. This shows that although the index has not broken out, the lower-end support base has improved during the session.
Nifty June Series Expiry Outlook
For the first half of the session, option writers have had the upper hand as Nifty remained trapped in a narrow range. The current setup suggests that 23,900–24,000 is the key expiry band to watch.
A move above 24,000 may lead to short covering by Call writers and open the door for a stronger expiry close. On the other hand, a sustained fall below 23,900 could shift momentum in favour of bears. Until either side breaks, Nifty may continue to hover around the max pain zone of 23,950.
With monthly expiry and quarter-end adjustments in play, traders should remain alert as volatility can rise sharply in the final leg of trade.
Updated as of 11:30 AM IST
The Nifty 50 began the June series expiry session above the 24,000 mark and touched an intraday high of 24,035. However, this zone coincided with the resistance line of the downward-sloping channel, where selling pressure emerged. From the day’s high, the index slipped more than 100 points and moved into negative territory.
As of 11:14 AM, Nifty 50 was trading at 23,935, down 10 points or 0.05%. Concurrently, India VIX cooled by 1.18% to slip below the 13.5 mark, signalling a marginal drop in near-term option pricing. Nevertheless, given the high-stakes monthly expiry setup, volatile intraday swings remain highly probable.
