Nifty Holds Above 25,300: Strong Put Writing Signals Bullish Sentiment Ahead Of Expiry, Says SEBI RA Akhilesh Jat

The Nifty traded above the crucial level of 25,335 on the June series expiry day, showing sustained bullish momentum. 

SEBI-registered analyst Akhilesh Jat highlighted that the index continues to hold above 25,225, turning this into an important support level. The price structure and volume behavior also reflect active buying interest at higher levels. 

Decoding derivatives data 

Jat noted that the options chain data aligns with the bullish view. Open Interest (OI) at the 25,300 out option increased sharply by 1,48,287 contracts, while premiums dropped to ₹41.15 as of 9:35 am. This indicates fresh put writing, establishing 25,300 as a strong support zone. 

Additionally, the 25,200 put option holds the highest OI among puts, reinforcing support base in 25,200–25,300 range. 

On the call side, OI is declining at 25,250 and 25,300 call options, while premiums are rising, suggesting short covering activity. Despite this, the 25,500 call holds the highest OI, indicating that 25,500 may act as the resistance level for today’s expiry, Jat added.

With firm support at 25,300 and resistance around 25,500, expiry will likely occur within this range. 

He also added that the overall sentiment remains positive as long as Nifty stays above 25,225, with strong put writing and reduced call pressure favoring the bulls. 

 An elevated Put-Call Ratio (PCR) often indicates that traders are increasingly writing put options to capture premium, suggesting an expectation of a range-bound or mildly bullish market. 

A high PCR may also reflect the confidence of put writers that the market is unlikely to breach key support levels, thereby implying a bullish undertone, contrary to the surface-level bearish reading — the recent rise in PCR from 1.10 to 1.50 highlights this shift in sentiment.

The Nifty index has risen 7% year-to-date (YTD). 

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