Theresistance level fell by 350 points to 24,650CE, while the support level rose 400 points to 24,600PE, according to the latest options data on NSE. The 24,650CE has the highest Call OI followed by 24,700/ 24,800/ 24,750/ 25,200/ 25,000/ 24,900/ 25,100 strikes, while 24,650/ 24,700/ 24,750/ 25,200 strikes recorded moderate to hefty build-up of Call OI. Significant Call OI fall is visible at the majority Call ITM/OTM strikes.
Coming to the Put side, maximum Put OI is seen at the 24,600PE followed by 24,650/ 24,500/ 24,550/ 24,200/ 24,800/ 24,100/ 24,300/ 23,300 strikes. Further, 24,600/24,650/ 24,150 / 23.300/ 23,650/ 23,700 strikes held a reasonable addition of Put OI. Several Put ITM/OTM strikes suffered the OI decline.
Dhirender Singh Bisht, associate vice-president (technical research-equity) at SMC Global Securities Ltd, said: “In the derivatives market, prominent Call Open Interest for Nifty was at the 25,000 and 24,700 strike, while the notable Put Open Interest was at the 24,600 and 24,500 strikes. For Bank Nifty, the prominent Call OI was seen at the 56,000 strike, whereas marginal Put OI at the 55,000 strike.”
Nifty OI has been increasing since the inception of the series, where FIIs hold short positions. Hence, net shorts by FIIs rose sharply by 15 per cent from 1.58 lakh to 1.82 lakh contracts, while cash-based selling pressure was increasing. Despite marginal recoveries seen last week, no short covering was experienced. Therefore, any meaningful pullback would result in closure in the FII’s short positions.
“Nifty gained one per cent during the week, while Bank Nifty underperformed slightly, but still ended with a gain of more than 0.50 per cent on the weekly charts. Positive market sentiment was driven by the latest US inflation data, which raised hopes of a potential rate cut by the Federal Reserve. Additionally, ongoing diplomatic talks between the US and Russia further boosted investor confidence. On Thursday, S&P Global upgraded India’s long-term unsolicited sovereign credit rating from ‘BBB-‘ to ‘BBB’, reflecting a more stable economic outlook for India. Sector-wise, Healthcare, Pharma, and Auto were the top gainers, while Consumer Durables, FMCG, and Chemicals underperformed over the week,” added Bisht.
For the week ended August 14, 2025, BSE Sensex closed at 80,597.66 points, a net recovery of 739.87 points or 0.92 per cent, from the previous week’s (August 10) closing of 79,857.79 points. NSE Nifty too rebounded by 268 points or 1.10 per cent to 24,631.30 points from 24,363.30 points a week ago.
Bisht forecasts: “Nifty has bounced back and is now trading above its 100-day Exponential Moving Average, while Bank Nifty continues to trade above the same. The long-term trend remains intact and bullish. In the upcoming sessions, Nifty may test resistance levels at 24,800 and 25,000, while support is seen around 24,400–24,200.”
India VIX rose 1.77 per cent to 12.36 level. Continuous selling pressure last week led to substantial Call writing at both ATM and OTM strikes, while the Put base remains significantly lower.
“Implied Volatility for Nifty’s Call options settled at 10.87 per cent, while Put options concluded at 11.49 per cent. The India VIX, a key indicator of market volatility, concluded the week at 12.14 per cent. The Put-Call Ratio of Open Interest stood at 0.93 for the week,” remarked Bisht.
Major short additions in F&O were observed from FIIs once again. Despite the recovery, no major short covering was experienced. Further, their net shorts in index futures rose to 1,82,000 contracts from 1,58,000 contracts seen last week. Along with the futures, they are significantly negative in the options segment as well.
Bank Nifty
Bank Nifty NSE’s banking index closed the week at 55,341.85 points, 336.95 or 0.61 per cent higher from the previous week’s closing of 55,004.90 points. Bank Nifty OI rose to the highest level since the March series. It’s suggesting continued short additions. Hence, any signs of short covering will be the key to any change of trend.