Updated As of 1:30 PM IST
As of 12:45 PM, the Sensex had trimmed its gains from the day’s high and was trading near the 77,400 mark. Earlier, the index was positioned around 77,553 and close to the upper end of the session’s range.
The retreat towards 77,400 shows that buying momentum has weakened at higher levels. The index is now trading below the maximum pain level of 77,500, making the 77,400 to 77,500 zone decisive for the remainder of the weekly expiry session.
Sensex PCR Declines, but Remains Above One
The Put Call ratio has eased from 1.40 in the earlier update to 1.34, while maximum pain remains unchanged at 77,500.
Although the PCR continues to indicate higher put open interest relative to call open interest, the decline suggests that the bullish tilt has moderated. This may reflect additional call writing near the prevailing market level as the Sensex failed to sustain its early gains.
Sensex Put Writing Strengthens at 77,400
On the put side, the 77,000 PE strike continues to hold the highest open interest addition and the largest overall put open interest concentration. However, as the session progressed, fresh positions accumulated rapidly at the 77,400 PE strike.
The 77,400 PE strike now holds the second highest put open interest concentration, indicating that option writers are attempting to build immediate support close to the current index level.
This is a notable change from the earlier update, when put writing was primarily concentrated at 77,000, 77,300 and 77,400. The stronger build-up at 77,400 brings the support base closer to the market price. However, this support remains dependable only while the index stays above the strike. A sustained fall below 77,400 could force put writers to unwind and increase downside pressure towards 77,300 and 77,000.
Sensex Call Resistance Shifts Lower to 77,500
The more significant change has emerged on the call side. Earlier, the highest call open interest addition was recorded at the 78,000 CE strike. It has now shifted to the 77,500 CE strike, which also holds the highest overall call open interest concentration.
This indicates that call writers have moved their resistance base lower from 78,000 to 77,500 after the index failed to maintain its position near the day’s high. The shift reflects greater confidence among call writers that the Sensex may struggle to settle meaningfully above 77,500.
Sensex Weekly Expiry Range Narrows Sharply
The latest positioning has created a tight expiry battle between put writers at 77,400 and call writers at 77,500. With maximum pain also placed at 77,500, the Sensex may remain confined around this narrow zone unless either side begins to unwind aggressively.
A sustained move above 77,500 would place call writers under pressure and could trigger an advance towards the previous session’s high of 77,646, followed by 78,000. Conversely, a decisive break below 77,400 would weaken the immediate support structure and could pull the index towards 77,300 and 77,000.
Compared with the earlier update, the expiry setup has turned less bullish and more range-bound. Support has moved closer to 77,400, but resistance has also shifted lower to 77,500. The index must reclaim and sustain above 77,500 to restore positive momentum.
Updated As of 11:30 AM IST
As of 11:00 AM, the BSE Sensex was trading near the day’s high at 77,553, up 0.47%, as traders positioned themselves for the weekly expiry.
The index opened on a positive note but remained confined within the trading range established during the first 15 minutes. However, it recently moved above the initial 15-minute high. But it was seen trading within the previous session’s range of 76,982.82 to 77,646.27. A sustained move above 77,646 could therefore provide stronger confirmation of an intraday breakout and open the door for further upside.
Sensex Weekly Expiry Derivatives Data Indicates a Positive Bias
The Put Call Ratio (PCR) across all expiries stood at 1.40, indicating relatively higher put open interest compared with call open interest. Meanwhile, the maximum pain level was positioned at 77,500, making it an important pivot for the weekly expiry.
Strong Put Writing Provides Support
On the put side, aggressive intraday writing was concentrated at the 77,400 PE and 77,300 PE strikes as option sellers dynamically moved up their protective baselines, while the 77,000 PE strike continued to anchor the absolute maximum open interest (OI) concentration for the series.
This positioning suggests that option writers expect the Sensex to remain above 77,000 during the Sensex weekly expiry session. The 77,300 to 77,400 zone may act as the first line of support, while 77,000 remains the stronger positional base.
Call Writers Defend the 78,000 Level
On the call side, the 78,000 CE strike witnessed the highest open interest addition during the session. It also held the largest overall call open interest concentration, followed by the 77,500 CE strike.
At the same time, call unwinding was visible between the 77,000 and 77,200 strikes. This indicates that call writers at lower levels were reducing their positions as the index moved higher, reflecting an improvement in near term sentiment.
