Nifty 03 Nov Weekly Expiry Trade Plan: Key Levels & Strategy

Nifty Option Chain Analysis

Nifty CMP: 23,440

Support & Resistance Based on Option Chain

• Immediate Support: 23,400–23,350
• Major Support: 23,300 — highest Put OI
• Stronger Support: 23,200
• Immediate Resistance: 23,500–23,550
• Major Resistance: 23,700 — highest Call OI
• Higher Resistance: 23,800

Market Interpretation

With Nifty at 23,440, the index is positioned almost exactly around the 23,450 Max Pain, indicating a potential consolidation/pinning zone around this level into expiry.

The PCR of 1.66 indicates a strong Put-side positioning bias. However, the important confirmation will come from price action around 23,300–23,700.

23,300 is the key downside reference. Holding above this zone keeps the structure relatively supportive, while a sustained break below it could increase downside momentum.

On the upside, 23,700 is the critical Call-OI resistance. A decisive move above 23,700 would indicate that the call-side supply is being absorbed and could open the way toward 23,800.

Expiry Framework

23,300–23,700 = Primary Option Chain Range

• Above 23,500: bullish momentum can strengthen toward 23,700.
• Above 23,700: breakout scenario; 23,800 becomes the next reference.
• Between 23,300–23,500: expect range-bound/volatile trading.
• Below 23,300: bearish pressure can accelerate toward 23,200.

Key level: 23,450 Max Pain
Bullish trigger: 23,700 breakout
Bearish trigger: 23,300 breakdown