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Option chain analysis

Open interest, premium traded, IV and likely positioning by strike. Buying/writing labels are probabilistic; OI concentrations are potential (not guaranteed) support/resistance; Max Pain is theoretical.

UnderlyingBANKNIFTYFINNIFTYNIFTY
Expiry10-27current/monthly11-24next12-29far
Strikes around ATM±5±10±15±25All
Source: SYNTHETIC · 2026-10-19 15:30 IST

Premium traded

Total call premium
₹150 Cr
Total put premium
₹140 Cr
Put/Call premium ratio
0.93
Call/Put premium ratio
1.07
Net put premium
−₹10 Cr
Net call premium
₹10 Cr

Premium = LTP × volume × lot size. More put premium is not automatically bullish or bearish — read with price, OI change and IV.

Open interest & PCR

Call OI / ΔOI
279,851 / +10,979
Put OI / ΔOI
346,977 / +32,874
OI PCR
1.24
Premium PCR
0.93
Volume PCR
1.26

OI PCR 1.24 (bullish) and premium PCR 0.93 (neutral) do not contradict each other.

Max Pain & concentration

Spot
59,823.91
ATM strike
59800
Max Pain
59900
Spot vs Max Pain
−76 (−0.13%)
Potential support (put OI)
59000
Potential resistance (call OI)
60000–60200
Largest call OI
60200: 30,468
60600: 28,650
60000: 25,402
Largest call OI adds
60400: +1,812
60000: +1,790
60600: +1,581
Largest put OI
59000: 37,989
59200: 37,457
59400: 32,676
Largest put OI adds
59600: +4,613
59000: +3,978
59500: +3,461

IV & skew

ATM IV
25.10
ATM call / put IV
25.2 / 25.0
25Δ call IV
—
25Δ put IV
25.13
Skew (put − call)
—
Days to expiry
71

Skew changes over 1D/1W/1M: see the “NIFTY 25Δ IV skew” indicator on Factors & Data.

Premium by moneyness (±10 strikes, ATM = nearest ±1 strike)

ITMATMOTM
Calls₹27 Cr₹36 Cr₹88 Cr
Puts₹31 Cr₹33 Cr₹76 Cr

Limiting the window to strikes near ATM stops far out-of-the-money contracts from distorting the read.

Likely buying vs writing (premium, ₹ Cr)

Evidence suggests / likelyCallsPuts
fresh buying₹140 Cr₹0 Cr
writing₹0 Cr₹127 Cr
short covering₹6 Cr₹0 Cr
long unwinding₹0 Cr₹0 Cr
no clear signal₹4 Cr₹13 Cr

Premium pressure: calls ₹101 Cr, puts −₹103 Cr → net ₹204 Cr (+0.70 of premium, bullish +).

Price ↑ + OI ↑ → possible fresh buying · price ↓ + OI ↑ → possible writing · price ↑ + OI ↓ → possible short covering · price ↓ + OI ↓ → possible long unwinding. Volume and IV change adjust the strength of evidence. Trader intent is never certain.

Option chain · BANKNIFTY 2026-12-29

Heatmap:Click a header to sort · underlined = largest in chain · hover a cell for the likely activity
Strike ↑Call OICall ΔOICall prem ₹CrCall IVSpotPut IVPut prem ₹CrPut ΔOIPut OI
58800812+370.4025.325.15.54+2,53122,755
58900833+1050.3225.025.24.68+1,67418,033
590003,297+1911.8425.024.910.40+3,97837,989
591001,746+770.9825.025.15.28+2,21115,871
592003,369+1111.0625.125.39.06+1,00037,457
593002,649+831.8225.024.96.38+2,95120,501
594007,911+5964.9225.025.013.23+2,57732,676
595007,641+4355.3724.625.27.92+3,46121,294
5960012,175+94810.3624.925.413.94+4,61329,629
5970010,559+1707.3025.425.58.17+1,77113,694
5980017,014+1,06815.2625.2◆ 59,823.925.016.36+1,27722,159
5990013,053+76612.9425.225.18.00+1,06414,385
6000025,402+1,79013.6525.125.012.55+11620,965
6010020,376+24410.4225.125.15.24+1,21010,884
6020030,468+1,01518.6825.125.15.21+7779,134
6030018,002+5416.2025.325.42.48+4625,632
6040025,398+1,81211.4224.925.12.38+6685,738
6050015,588-1,2776.4725.424.91.26+1152,774
6060028,650+1,58111.3624.624.80.81+2963,057
6070013,927-543.8025.125.00.30+771,204
6080020,981+7405.5325.325.10.43+451,146
calls putsDarker = larger open interest on that side. ATM row outlined.

Net premium pressure vs underlying

Expiry structure & positioning shift

ExpiryTypeDaysOIΔOIPremiumPrem. PCROI PCRATM IVSkewMax PainSupport / resistancePositioning
2026-10-27current, monthly81,575,211+139,209₹570 Cr1.081.1425.1-0.25990059000 / 6020084
2026-11-24next361,040,497+64,745₹515 Cr1.111.2225.2—5990059000 / 6000089
2026-12-29far71626,828+43,853₹290 Cr0.931.2425.1—5990059000 / 60000–6020090

Expiry positioning shift: Bullish-leaning positioning in the current expiry also appears in later expiries (near 84, later 89).

Positioning (0–100) blends OI PCR (conventional reading) with net premium pressure for each expiry, using ±10 strikes.