Market watch: What does the F&O market suggest about trade on March 2?

The Nifty 50 put call ratio (PCR) closed at 0.83 for the day

Tracking the global equity market and US futures, the Indian equity market opened almost 176 points lower, Nonetheless, by the end of the trading, Nifty 50 closed in green with a gain of 135.5 points. It opened at 16481.6 against the previous close of 16658.40. The gain was led by commodities names such as Tata Steel, Reliance Industries and JSW Steel. While the banking names such as Axis Bank and HDFC Bank pulled the market down. Nifty VIX today closed with a gain of 6.84 per cent or 1.83 points up at 28.57 per cent. 

Activity on the F&O front for weekly expiry on March 3 shows 17500 to act as a strong resistance. Highest open interest contract of 150153 stood at this strike price. The second-highest call option open interest 98707 for Nifty 50 stood at a strike price of 18000. In terms of the highest addition of open interest in the call options front, it was at 17500 in the last trading session. A total of 44794 open interest was added at this strike price. 

In terms of put activity, the highest put writing was seen at a strike price of 14750, where 51569 open interest was added today, followed by 15000 strike price where (45715) open interest was added. Highest total put open interest (89573) stood at a strike price of 16000. This is followed by a strike price of 15000, which saw a total put option open interest of 78664 contracts.

The Nifty 50 put-call ratio (PCR) closed at 0.83 for the day. A PCR above 1 is considered bullish while a PCR below 1 is considered bearish.

Max pain at the end of today's trade for weekly expiry on March 3 stands at 16700. 

Top five call and put open interest with their strike price