On October 22, the Nifty 50 fell 124 points, or 0.54 percent, to close at 22,688, while the Bank Nifty declined 51 points, or 0.09 percent, to settle at 54,926. Market breadth remained weak, with 2,347 stocks declining against 891 advancing on the NSE.
Om Mehra, Technical Research Analyst at Samco Securities
Nifty positioning remains cautious, with the India VIX edging up to 15.76. The Put-Call ratio (PCR) near the spot level stands at 1.05, indicating relatively balanced positioning, while the PCR across all strikes is 0.82, suggesting a higher concentration of Call open interest than Put open interest across the option chain. Maximum pain stands at 22,850, above the spot level.
Fresh Put writing was observed in the 22,550–22,650 range, particularly at the 22,600 strike, providing support below the market. On the upside, Call open interest is highest at 23,000, followed by 23,100 and 22,800, making these key resistance levels. Call positions at the 22,900 and 22,950 strikes were reduced during the session.
Overall, Nifty appears range-bound, with support at 22,600 and resistance in the 22,800–22,850 zone.