Updated As of 1:30PM IST
Compared with the earlier update, the Sensex has lost some strength on the weekly expiry day. At 10:58 AM, the index was trading above the 77,000 mark with gains of nearly 500 points. However, by 12:48 PM, it slipped below 77,000 after trimming gains from higher levels. Despite this moderation, the index is still trading higher by 0.57%, which shows that the recovery has not completely faded, but momentum has clearly cooled.
PCR Inches Higher, But Max Pain Stays at 77,000
The Put Call Ratio (PCR) has moved up slightly from 1.11 in the earlier update to 1.14, indicating that put writing remains active. However, the max pain continues to stand at 77,000, making this level the key battleground for the expiry session. The index slipping below 77,000 suggests that bulls are losing some grip, but the higher PCR shows that downside support is still being built.
Put Writers Shift Focus to 76,500 and 76,900
On the Put side, the 76,500 strike has seen a sharp spike in open interest, making it the strongest support zone for the day. The next highest addition is visible at the 76,900 strike. As a result, the highest Put open interest concentration now stands at 76,500, followed by 76,900.
This marks a small shift from the earlier setup, where 76,500 and 77,000 were the key support levels. The fresh addition at 76,900 shows that traders are trying to defend this as a support level.
Call Writing Builds Near 77,100 and 77,200
On the Call side, the highest fresh open interest addition is seen at the 77,100 strike, followed by 77,200. This is important because, in the earlier update, Call writing was more visible around 77,500 and 77,200. The shift in fresh Call writing closer to the current market level suggests that resistance has moved lower intraday.
However, the highest Call open interest concentration still remains at 77,500, followed by 77,000. This means 77,000 has now become an immediate hurdle, while 77,500 remains the broader resistance for the expiry session.
Sensex Expiry View: Bulls Need to Reclaim 77,000
The options setup indicates that 77,000 remains the most important pivot for the Sensex. In the earlier update, the index was holding above this level, keeping the recovery structure intact. Now that it has slipped below 77,000, the tone has turned more cautious.
A move back above 77,000 may revive buying interest and open the way towards 77,100–77,200. However, if the index fails to reclaim this level, the support zone of 76,900–76,500 could come into play. For now, Sensex expiry action is likely to remain centred around the 77,000 mark, with bulls needing a quick recovery above it to regain control.
Updated As of 11:30AM IST
After witnessing one of its sharpest falls on Wednesday, July 08, the Sensex opened with a gap up on the BSE weekly expiry day. Interestingly, the opening level turned out to be the day’s low so far, indicating that buying interest emerged right from the start of the session.
As of 10:58 am, the Sensex was trading higher by nearly 500 points and holding above the 77,000 mark. However, the index has trimmed part of its gains from the day’s high, suggesting that traders are still cautious after the previous session’s steep decline.
