Sensex Options Expiry 20 August 2026 | Critical Levels & Trade Setup

• PCR (0.57): Extreme Oversold Zone

  A Put-Call Ratio of 0.57 indicates heavy call writing relative to puts, reflecting an aggressive bearish bias. Historically, a PCR below 0.60 enters the oversold territory, making the market vulnerable to sharp, high-velocity short-covering bounces if critical resistance levels are breached.

• Max Pain (77,000): Strong Gravitational Magnet

  With spot trading at 76,909, the index is sitting just 91 points below the Max Pain level of 77,000. Option writers will attempt to pin expiry around this strike to maximize option premium decay.

• Key Resistance (76,500 Call OI) vs. Key Support (77,500 Put OI): The Inverted Imbalance

  The highest Call OI concentration sits at 76,500 (below CMP), while the highest Put OI is anchored at 77,500 (above CMP). This inverse skew highlights deep In-The-Money (ITM) positioning:

  • 76,500 Call writers are currently trapped or under pressure with CMP above their strike.

  • 77,500 Put writers are aggressively defending higher levels, indicating strong institutional floor expectations above spot.

Trading Takeaway:

A sustained trade above 77,000 will trigger panic among 76,500 call writers, accelerating a short squeeze toward 77,300–77,500. Conversely, slipping below 76,800 keeps the bias sideways-to-bearish into expiry.