The 25,000 CE has the highest Call Open Interest (OI), followed by the 24,600, 24,500, 25,200, 25,500, 25,100, and 24,800 strikes, while the 24,500, 24,600, 25,200, 25,500, and 24,450 strikes have shown significant Call OI build-up. Only the 26,600 CE experienced a slight OI decrease. On the Put side, the maximum Put OI is observed at 23,500, followed by the 24,000, 23,000, 24,200, and 24,300 strikes. Additionally, the 23,500, 23,600, 24,300, 24,400, and 24,100 strikes have seen moderate Put OI additions. The Put In-the-Money (ITM) strikes from 24,600 inward experienced a minor OI decline.
Dhirender Singh Bisht, associate vice-president (technical research-equity) at SMC Global Securities Ltd, stated, “In the derivatives segment, the highest Call Open Interest was observed at the 24,600 and 24,500 strike levels, while put writing was prominent at the 24,400 strike.” Thus far, there has been no substantial short covering, even with positive developments on both domestic and international fronts. Domestic liquidity support continues, and a round of short covering is anticipated as long as the Nifty maintains the crucial 24,800 level. An upward movement above the 25,100 level may further extend the market’s upward trajectory towards 25,400 in the upcoming sessions, according to ICICIdirect.com. “Concerns regarding growth, exacerbated by the US imposing additional tariffs on India, significantly impacted Indian markets.
Both major indices concluded the week in the negative, with Nifty declining over 1.7 percent and Bank Nifty falling 2.7 percent. Capital markets, financial services, and real estate stocks were among the major losers, whereas FMCG stocks managed to finish the week positively,” Bisht added. For the week ending August 29, 2025, the BSE Sensex closed at 79,809.65 points, marking a net decline of 1,497.2 points or 1.84 percent from the previous week’s closing of 81,306.85 points. The NSE Nifty also dropped 443.25 points or 1.78 percent to 24,426.85 points from 24,870.10 points a week earlier.
Bisht forecasts, “Traders should closely monitor these levels, observe open interest trends, and remain vigilant regarding global geopolitical developments, as these factors could significantly influence market direction. Looking ahead, Nifty has support at the 24,200 level, while resistance is at 24,800.” The India VIX decreased by 3.49 percent to 11.75. “Implied Volatility for Nifty’s call options settled at 10.93 percent, while Put options concluded at 11.89 percent. The India VIX, a crucial indicator of market volatility, ended the week at 12.18 percent. The Put-Call Ratio of Open Interest (PCR OI) was recorded at 1.20 for the week,” remarked Bisht. The substantial call base is positioned at 25,000 CE.
Therefore, any close above this level can be viewed as an initial indicator of short covering. Although there is no significant Put base, a move below the 23,500 level may lead to renewed weakness. “Nifty rollovers increased to 83.63 percent, up from 75.71 percent last month and above the three-month average of 78.11 percent, indicating strong momentum for the September series. Bank Nifty rollovers also strengthened to 80.90 percent, compared to 77.98 percent last month, reflecting a higher carryover of positions compared to the previous series. For Nifty, the majority of positions were rolled within the 24,800–24,850 futures range, while in Bank Nifty, the key rollover range is 54,650–54,750.
If these levels do not break on the upside, both indices may experience further downside pressure,” explained Bisht. The NSE’s banking index, Bank Nifty, closed the week at 53,655.65 points, down 1,493.75 points or 2.70 percent from the previous week’s close of 55,149.40 points.