Nifty Call Writers Continue to Defend 24,550–24,600
On the call side, the 24,600 strike has witnessed the highest open interest addition and currently holds the highest concentration of call open interest.
The 24,550 strike has also seen significant call writing during the session. This confirms that the 24,550–24,600 zone remains the immediate resistance for the weekly expiry.
A sustained move above this zone would be required to weaken the current resistance and improve the chances of a late recovery.
Nifty Put Writers Hold Support at 24,500
On the put side, the 24,500 strike continues to hold the highest concentration of put open interest, making it the principal support for the weekly expiry.
The 24,450 strike has seen the highest open interest addition during the session, while the 24,400 strike has the next-highest concentration of put open interest.
This keeps 24,500 as the immediate support for the weekly expiry. Put writers continue to defend 24,500, while call writers continue to restrict the index near 24,550–24,600.
Nifty Weekly Expiry Outlook
The derivatives setup remains weak compared with the morning session. The PCR remained at 0.71, while max pain continued at 24,500. Call writers continued to cap the upside near 24,550–24,600, while put writers defended 24,500.
A sustained break below 24,500 could trigger put unwinding and expose the index to the 24,450–24,400 zone. Conversely, a sustained move above 24,600 could trigger call unwinding and improve the chances of a late recovery into the weekly expiry close.
Updated As of 11:30 AM IST
The Nifty 50 began the weekly expiry session on Tuesday, August 4, 2026, on a weaker footing after posting a strong rally in the previous session. On Monday, the index surged 390.70 points, or 1.60%, to close at 24,774.30 after touching an intraday high of 24,774.30 and a low of 24,515.15. However, sentiment reversed on Tuesday as the index slipped to an intraday low of 24,569.00 after opening at 24,703.90. At the time of writing, it was trading 184.20 points lower at 24,590.10, down 0.74% from the previous close.
The decline has pulled the index below the psychologically important 24,600 level. Monday's rally was followed by a weaker session ahead of the weekly expiry, while derivatives positioning suggests the market is approaching an important equilibrium zone.
