Updated as of 1:30 PM IST
The Nifty 50 witnessed a sharp change in tone during the afternoon session. As of 12:52 PM, the index was trading below the 23,950 mark, down 173 points or 0.71%. This is a notable shift from the earlier setup, where Nifty was holding near 24,100 and the option data was suggesting a range-bound expiry around that level.
The fall in the last hour has also pushed volatility higher. India VIX jumped more than 6.5% to move above 13.5, indicating that traders are now pricing in higher uncertainty compared with the calmer setup seen earlier in the day.
PCR Falls Sharply, Call Writers Take Control
The Put-Call Ratio has dropped sharply to 0.5 from the earlier reading of 1.09. This change is important because the earlier PCR suggested a relatively balanced-to-positive setup, supported by strong put writing around 24,100. The current reading, however, signals aggressive call writing and a clear shift in favour of option sellers on the upside.
Max Pain has also moved lower from 24,100 to 23,950. This confirms that the expiry base has shifted down after the breakdown in the index.
24,100 Support Unwinds; 24,000 Becomes Resistance
Earlier in the day, the 24,100 PE strike had total open interest of 8,03,275 lots, with 6,36,555 lots added during the first half. That level was acting as a key support zone. However, the same strike has now seen heavy unwinding, with total open interest falling to 92,877 lots. This clearly shows that put writers have exited aggressively after Nifty failed to hold the 24,100 zone.
On the Call side, significant open interest addition is visible between the 23,950 and 24,100 CE strikes. The highest addition has been seen at the 24,000 CE strike, where open interest has increased by 6,39,179 lots. As a result, 24,000 has now turned into an immediate resistance level. The highest overall open interest concentration on the Call side remains at 24,100, but the fresh build-up at 24,000 is more relevant for the current expiry setup.
23,900 Becomes the Key Support Zone
On the Put side, the highest open interest addition is now visible at the 23,900 strike. This indicates that option writers are trying to build support around 23,900 after the breakdown from 24,100. The maximum open interest concentration on the Put side also remains at 23,900, making it the most important downside level to watch.
Nifty Weekly Expected Expiry Range for June 23
Given the sharp fall in PCR, the shift in Max Pain to 23,950, heavy unwinding at 24,100 PE and fresh call writing around 24,000, the expiry range has clearly shifted lower. Nifty may now trade in a narrow band between 23,900 and 24,000, with 23,950 acting as the key pivot.
A sustained move above 24,000 may trigger some short covering by call writers, but unless that happens, the upside is likely to remain capped. On the downside, failure to hold 23,900 could open the door for a retest of the June 15, 2026, low of 23,817.80.
Updated as of 11:30 AM IST
The Nifty 50 started the weekly expiry session on June 23 on a subdued note, opening below the 24,100 mark and slipping to an intraday low of 24,040.05. However, buying interest emerged from lower levels, helping the index recover and touch an intraday high of 24,135.50. As of 10:53 AM, Nifty was trading close to 24,100, marginally lower by 4.20 points.
India VIX Cools Off
India VIX slipped below the 12.50 mark, down 2.88%. A softer VIX generally suggests that traders are not expecting a sharp directional move during the session, unless fresh triggers emerge.
Nifty Weekly Option Data Indicates Range-Bound Bias
As of 10:53 AM, the Put-Call Ratio stood at 1.09, while the Max Pain was placed at 24,100. This clearly makes 24,100 the key expiry pivot for the day.
On the Put side, strong open interest addition was seen at the 24,100 PE strike, followed by 24,050 PE and 24,000 PE. The 24,100 PE alone had total open interest of 8,03,275 lots, with 6,36,555 lots added during the session. This suggests that option writers are actively building support around the 24,100–24,000 zone.
