Updated As of 1:30 AM IST
The Nifty 50 surrendered part of its recovery during the afternoon session and moved back towards the day’s opening levels. As of 12:41 pm, the index was trading at 24,071, down 137 points and below the crucial 24,100 mark.
Earlier in the session, the index had recovered from an intraday low of 24,038 and moved towards 24,100. However, the inability to sustain above this level indicates that Call writers continue to restrict the upside.
PCR Rises, Max Pain Unchanged
The Put Call Ratio (PCR) increased to 1.06 from 0.99 in the morning. The rise points to relatively stronger Put writing during the session, mainly around the 24,000 strike.
Despite the change in the PCR, the maximum pain level remained unchanged at 24,100. This keeps 24,100 at the centre of the expiry setup and makes it an important pivot for the remaining session.
Nifty Put Writers Strengthen 24,000 Support
On the Put side, the highest open interest addition continued to be seen at the 24,000 strike. This confirms that Put writers are attempting to defend the level, which is also close to the 100-day moving average placed at 23,984.
The rise in the PCR further supports the view that traders are building positions around 24,000. However, with the index trading only marginally above this level, the support remains vulnerable.
A sustained fall below 24,000 could force Put writers to unwind their positions. This may accelerate the decline and increase volatility during the final hours of the expiry session.
Nifty Call Writing Caps the Upside
On the Call side, significant open interest addition was recorded at the 24,100 strike, followed by 24,150 and 24,200. The highest Call open interest concentration remained at 24,100, reinforcing it as the immediate resistance level.
Compared with the morning update, Call writing has now spread across multiple strikes above 24,100. This suggests that traders do not expect a strong recovery unless the index moves decisively above this zone.
Nifty Expiry Range Narrows to 24,000–24,100
The options setup indicates a narrow expiry battle between 24,000 and 24,100. Put writers are defending the lower end of the range, while Call writers are controlling the upper end.
For the bulls, holding 24,000 remains essential. A sustained move above 24,100 could trigger Call unwinding and push the index towards 24,150–24,200. On the other hand, a decisive break below 24,000 may lead to Put unwinding and intensify selling pressure.
Updated As of 11:30 AM IST
The Nifty 50 index began the July 14, 2026 weekly expiry session on a weak note, opening below its 20-day moving average. The index slipped to an intraday low of 24,038 before recovering from lower levels and was trading near 24,100 in the morning session.
Despite the recovery, market volatility remained elevated. India VIX rose more than 3% to trade above 13.7, indicating that traders expect wider intraday swings as the expiry session progresses.
Options Data Signals Indecision
The Put Call Ratio (PCR) stood at 0.99, reflecting a broadly balanced position between Call and Put writers. Meanwhile, the maximum pain (MaxPain) level was placed at 24,100, suggesting that the index may remain drawn towards this strike unless a strong directional move emerges.
However, the concentration of fresh positions around nearby strikes indicates that the 24,000 to 24,100 range could play an important role in determining the intraday trend.
Nifty Put Writers Defend 24,000
On the Put side, substantial open interest addition was recorded at the 24,000 strike, followed by the 24,050 and 24,100 strikes. The 24,000 strike also held the highest Put open interest concentration, making it the most important support level for the expiry session.
The significance of this zone is strengthened by two factors. First, the index recovered sharply from around 24,000 in the previous session. Second, the short-term 20-day exponential moving average (EMA) is clustering near this zone, creating a dynamic support level.
