Updated As of 1:30 PM IST
The Nifty 50 extended its intraday correction and tested the previous session’s low.
In the morning, the index was trading close to 24,200 and remained within Monday’s range. Derivatives positioning had indicated resistance between 24,200 and 24,250, while 24,100 was emerging as the principal support.
The latest price action shows that call writers have strengthened their grip. The inability to reclaim 24,200 has pushed the index towards the lower end of its immediate trading range.
PCR Declines as Call-Side Positioning Increases
The put-call ratio (PCR) has declined from 0.74 to 0.71. The fall in PCR indicates that call open interest has increased at a faster pace than put open interest.
This reflects a more cautious market setup compared with the morning session. Traders are adding positions (writers) on the call side as the index struggles below 24,200, suggesting that expectations of a strong expiry recovery have weakened.
Nifty Max Pain Shifts Lower to 24,150
The maximum pain level has moved lower from 24,200 to 24,150.
The shift is significant because it reflects a change in the options positioning as the session progresses. Earlier, 24,200 was the central expiry pivot. The movement of max pain towards 24,150 suggests that the derivatives market is now pricing in a relatively weaker expiry settlement.
The 24,150 level may act as the immediate expiry magnet. The index could remain volatile around this strike unless there is a decisive break above 24,200 or below 24,100.
Nifty Call Writers Strengthen Resistance at 24,200
On the call side, open interest addition continues to remain strongest at the 24,200 strike, which now holds the highest call open interest concentration.
The 24,250 strike has witnessed the second-highest addition and also carries the second-largest concentration of call open interest.
This confirms that the 24,200–24,250 band remains the most important resistance zone for the remainder of the session. The index had already failed to sustain above 24,260 earlier in the day, and the subsequent correction has further strengthened the position of call writers.
A recovery above 24,200 alone may not be sufficient to reverse the intraday weakness. The Nifty would need to sustain above 24,250–24,260 to trigger meaningful call unwinding and reopen the possibility of a move towards 24,300.
Nifty Put Writers Attempt to Defend 24,100
On the put side, the 24,100 strike has recorded the highest open interest addition during Tuesday’s session. It also has the largest concentration of put open interest, making it the principal support for the weekly expiry.
The 24,150 strike carries the next-highest put open interest concentration and is aligned with the revised maximum pain level.
This creates a closely contested expiry zone between 24,100 and 24,200. Put writers are attempting to protect 24,100, while call writers continue to restrict the index near 24,200.
Nifty Weekly Expiry Outlook
The derivatives setup has weakened compared with the morning session. The PCR has declined, max pain has shifted lower, and call writing at 24,200 has intensified as the index tests the previous session’s low.
As long as the Nifty remains below 24,200, the bias is likely to stay cautious, with 24,150 and 24,100 acting as the immediate downside levels.
A decisive break below 24,100 could trigger put unwinding and expose the index to the 24,050–24,000 range. Conversely, only a sustained recovery above 24,250–24,260 would force call writers to cover their positions and improve the chances of a late expiry rebound.
Updated As of 11:30 AM IST
The Nifty 50 began the weekly expiry session on Tuesday, July 21, 2026, near 24,216. The index subsequently touched an intraday high of 24,262.20 and a low of 24,163.75. At the time of writing, it was trading 50 points lower at 24,188, slipping below the psychologically important 24,200 level.
Price action remains compressed. On Monday, the Nifty formed an inside candle after trading entirely within the high-low range of Friday’s sizeable bullish candle. Tuesday’s session has so far remained within Monday’s range, creating a further contraction in volatility.
This successive range compression suggests that neither buyers nor sellers have established control. However, the narrow structure also raises the probability of a sharp directional move once the index breaks out of the recent trading range.
Nifty Derivatives Data Favours Call Writers
The put-call ratio, or PCR, stands at 0.74, indicating relatively heavier positioning on the call side. The maximum pain level is placed at 24,200, which is also emerging as the central pivot for the expiry session.
