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Nifty Options Chain

nifty option strategy today
Updated on 14 March 2026 @ 9.00 pm

Nifty – Technical Setup

Nifty closed at 23,151.10 after a sharp decline of 5.3% in the last week and nearly 10.8% in the past month, indicating heavy profit booking and risk-off sentiment in the market. Both short-term and medium-term trends remain bearish, although the long-term trend is still bullish, suggesting the correction may be part of a broader consolidation phase.

Momentum indicators now show the index entering deep oversold territory, which often leads to short-covering rallies.

Indicator Reading Interpretation
RSI 24.15 Extremely oversold
Stochastics 3.79 Panic selling
Williams %R -98.53 Capitulation phase
CCI -145.96 Extreme downside exhaustion
ADX 32.47 Strong trend strength

The index is trading close to S1 support at 23,011, while the lower Bollinger band near 23,364 shows the market is stretched on the downside.

Option Chain Analysis

Strike Call OI Put OI Interpretation
23050 Moderate High Immediate support
23100 High Very High Strong put writers
23150 High High Transition zone
23200 Highest Call OI Highest Put OI Major pivot strike
23250 Moderate Moderate Resistance
23300 Moderate Moderate Upside trigger
23350 Moderate Low Breakout zone

Key observations:

  • Massive options positioning at 23,200 strike

  • Heavy put writing between 23,050 – 23,200

  • PCR above 1 near support

This suggests strong support near 23,000–23,100 and a high probability of relief rally if the index holds above this zone.

Key Technical Levels

Level Price
Pivot 23,251
Resistance 1 23,391
Resistance 2 23,632
Support 1 23,011
Support 2 22,871

Preferred Options Strategy

Considering the deep oversold indicators and strong put writing, call buying offers better risk-reward for a bounce trade.

Instrument Nifty 23200 CE
Strategy Oversold Bounce Call Buy
Buy Zone Rs. 230 – Rs. 250
Stop Loss Rs. 165
Target 1 Rs. 360
Target 2 Rs. 480

Reason:

  • Extremely oversold momentum indicators

  • Put writers active near 23,100–23,200

  • Short covering likely if index crosses pivot

Aggressive Trade

Instrument Nifty 23300 CE
Buy Zone Rs. 180 – Rs. 200
Stop Loss Rs. 120
Target Rs. 350 – Rs. 480

Chanakya Technical View

Nifty has entered a panic oversold zone, with RSI near 24 and stochastic indicators below 5, conditions that historically trigger sharp relief rallies. Option chain data also shows aggressive put writing near the 23,100–23,200 region, indicating traders are building support positions.

If Nifty sustains above 23,000, a short-covering rally toward 23,400–23,650 is possible. Hence, call buying strategies appear more profitable than put buying at current levels.

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Nifty CE PE today