F&O INDEX OUTLOOK NSE INDIA
NIFTY 50 & NIFTY BANK — Options positioning & strategy
Option chain via Groww · Cash breadth via NSE · Strategy recommended from OI + IV + breadth heuristics · Interactive P&L plot is at-expiry payoff — not investment advice.
NIFTY 50
NIFTY · 2026-04-28
CHAIN OKBias: downward drift (F&O + breadth)
Spot
24,378.10
Index chg
-0.81%
PCR (OI)
0.962
Max pain
24,400
Δ -0.09%
Breadth A/D
18 / 32
Confidence
Medium
Reasoning
  1. Put–call ratio (OI) = 0.962. Low PCR suggests crowded calls (mean-reversion risk); high PCR indicates hedging/bearish positioning.
  2. Max pain ≈ 24,400 vs spot ≈ 24,378 (-0.09%). Near expiry, price tends to gravitate toward max pain.
  3. Session ΔOI: calls +607,796, puts +297,891. Fresh OI in the direction of the move implies trend conviction; against the move implies hedging.
  4. ATM (24,400): CE OI 84,482 vs PE OI 80,272, CE IV 17.3% / PE IV 17.3%.
  5. Cash index breadth: 18 up / 32 down (A/D ≈ 0.56).
Full option chain · 2026-04-28 · Lot 65
CALLS STRIKE PUTS
OIΔOIIVLTPChgDeltaTheta ThetaDeltaChgLTPIVΔOIOI
284027.61895.00-139.850.9909-1.7622,450-1.76-0.0091-2.252.6527.61,1173,007
18,529-1,34226.91883.20-205.300.9909-1.7322,500-1.73-0.0091-2.502.6026.9-2,52085,212
585026.71834.40-12.500.9897-1.9122,550-1.91-0.0103-2.502.9526.77522,692
2,333-10626.21786.00-196.150.9890-1.9722,600-1.97-0.0110-2.753.1026.22,53026,818
993-325.81750.00-179.600.9879-2.1222,650-2.12-0.0121-2.753.4025.85283,642
5,696925.31685.00-196.000.9872-2.1822,700-2.18-0.0128-3.003.5525.3-27831,432
2,011-424.81651.45-181.500.9865-2.2422,750-2.24-0.0135-3.153.7024.81,7425,938
5,984-5124.41585.55-203.000.9851-2.3922,800-2.39-0.0149-3.204.0524.43,78933,661
4,587-224.11512.00-220.200.9835-2.5922,850-2.59-0.0165-3.354.5024.116,36923,427
3,580-3423.51483.20-206.950.9825-2.6622,900-2.66-0.0175-3.754.7023.57,71425,923
534-2023.21426.15-215.900.9805-2.8622,950-2.86-0.0195-3.905.2023.22,5177,720
30,025-75016.61389.00-201.350.9971-0.3823,000-0.38-0.0029-4.055.8016.64,188121,422
2,865-422.51378.00-165.800.9758-3.3423,050-3.34-0.0242-4.206.4522.52,7968,680
3,610-9517.71290.00-202.050.9921-1.0023,100-1.00-0.0079-4.656.9517.711,25735,803
569-1021.71260.00-183.800.9705-3.8023,150-3.80-0.0295-4.457.8021.72,4127,080
3,083-11221.41200.55-195.750.9670-4.1223,200-4.12-0.0330-5.308.7521.411,44337,993
490-721.21176.55-166.250.9619-4.5823,250-4.58-0.0381-5.2510.2021.24,2988,300
3,787-15517.71092.95-203.550.9787-2.3623,300-2.36-0.0213-5.4511.5517.712,13036,458
330-514.11039.70-208.450.9922-0.7923,350-0.79-0.0078-5.6013.2514.12,9818,379
2,201-11119.91002.00-201.750.9489-5.4623,400-5.46-0.0511-5.4015.4019.913,13832,719
3,083-1020.3964.65-186.850.9364-6.6023,450-6.60-0.0636-5.3517.7020.35,63613,871
18,422-3,30019.0904.65-201.900.9379-6.0723,500-6.07-0.0621-5.2520.2519.010,82990,366
2,404-1619.7863.80-193.650.9193-7.6923,550-7.69-0.0807-5.7022.7519.73,65411,337
2,768-28718.9811.95-201.000.9145-7.7223,600-7.72-0.0855-4.8527.1518.9-1,30431,723
455-1018.4764.10-206.100.9059-8.0723,650-8.07-0.0941-3.2531.5018.44,0518,343
3,465-28719.1723.30-197.650.8821-9.8323,700-9.83-0.1179-2.3036.3019.14,35627,433
577-5419.1679.95-196.200.8641-10.8623,750-10.86-0.1359-1.1541.4519.12,7258,804
7,157-31818.6633.60-196.600.8511-11.2323,800-11.23-0.1489+0.2548.0018.65,49043,153
1,4376418.1588.30-197.150.8355-11.7023,850-11.70-0.1645+1.7554.9018.12,0857,620
4,941-13918.4550.00-190.900.8082-13.1123,900-13.11-0.1918+4.2563.2518.412,06544,855
93019217.8505.25-194.000.7903-13.3923,950-13.39-0.2097+6.1072.7017.83,8728,077
48,915-2,87718.3471.55-183.700.7572-14.9524,000-14.95-0.2428+9.3583.0018.310,459124,223
90914318.2434.15-180.450.7298-15.7024,050-15.70-0.2702+13.4594.9518.25,1729,357
9,12452818.1396.70-177.600.7008-16.3624,100-16.36-0.2992+18.20108.7018.19,74631,713
1,62133718.0362.20-172.800.6698-16.9824,150-16.98-0.3302+22.05123.2518.02,2229,430
19,3551,89017.8327.80-168.600.6378-17.3924,200-17.39-0.3622+26.95138.8517.83,08840,043
5,6701,79917.7296.60-162.100.6038-17.7824,250-17.78-0.3962+32.70157.1517.75,47811,883
38,34116,49917.5264.65-158.300.5689-17.9524,300-17.95-0.4311+38.45176.4017.520,54355,134
13,80610,25517.4236.85-150.500.5327-18.1024,350-18.10-0.4673+46.10198.3017.412,59122,791
84,48254,69917.3209.85-143.700.4960-18.0224,400-18.02-0.5040+52.75221.7017.333,55580,272
37,20032,39917.2186.00-135.450.4588-17.7824,450-17.78-0.5412+60.80246.2017.211,44221,093
123,35251,45117.0162.15-128.150.4214-17.3924,500-17.39-0.5786+68.45272.9517.0-11,48875,199
25,1059,39216.9142.10-120.150.3842-16.8324,550-16.83-0.6158+77.85301.4016.9-6,90613,175
58,25124,61016.8123.45-110.850.3484-16.2524,600-16.25-0.6516+86.55333.0016.8-6,79321,204
15,4318,91116.9105.95-102.650.3147-15.6624,650-15.66-0.6853+96.80368.5016.9-312,971
42,64414,19116.790.75-93.900.2801-14.6924,700-14.69-0.7199+104.45401.0016.74299,110
16,83611,83616.877.05-84.750.2497-13.8924,750-13.89-0.7503+118.70443.2016.885894
57,55729,01916.765.30-75.450.2203-12.9324,800-12.93-0.7797+124.90479.6016.7-64910,414
15,51610,92916.755.20-66.850.1933-11.9624,850-11.96-0.8067+133.25519.8016.7342777
56,27528,91216.645.75-59.100.1673-10.8724,900-10.87-0.8327+142.80560.6016.6-2502,404
11,7737,76416.738.50-50.800.1454-9.9324,950-9.93-0.8546+148.20603.1516.7186444
155,38851,63516.232.30-43.200.1180-8.3525,000-8.35-0.8820+153.15640.4016.2-34332,065
14,7538,63616.726.55-37.200.1071-8.0425,050-8.04-0.8929+168.45694.7016.7168276
35,3226,95416.822.10-31.150.0917-7.2025,100-7.20-0.9083+175.90740.0016.8127801
13,1697,62116.618.15-25.900.0759-6.2125,150-6.21-0.9241+170.20779.0016.6117170
60,74618,21316.814.70-21.250.0649-5.5425,200-5.54-0.9351+176.55827.1016.82742,352
14,8938,11616.812.10-17.500.0547-4.8725,250-4.87-0.9453+177.80873.5516.874224
46,24012,28216.99.95-14.250.0461-4.2625,300-4.26-0.9539+187.90926.6016.940649
10,6914,97917.18.50-11.550.0398-3.8325,350-3.83-0.9602+164.80967.0017.1170
38,13517,46616.66.90-9.100.0287-2.8525,400-2.85-0.9713+189.301017.1516.6-20961
11,3471,49017.45.95-7.100.0287-2.9825,450-2.98-0.9713+191.151064.3017.42120
114,79715,97517.54.85-5.550.0238-2.5625,500-2.56-0.9762+196.301116.9017.5-21213,939
7,9842,92817.74.10-4.400.0204-2.2725,550-2.27-0.9796+185.851152.2017.7-192
34,90811,29117.93.60-3.250.0179-2.0625,600-2.06-0.9821+200.851217.7017.9-12821
19,54915,58918.23.10-2.500.0155-1.8425,650-1.84-0.9845+173.451243.4518.20113
50,35827,30918.22.50-2.150.0127-1.5625,700-1.56-0.9873+187.601302.2018.2-6624
10,9325,75518.62.30-1.550.0116-1.4725,750-1.47-0.9884+0.001150.8018.6029
51,58918,69218.61.80-1.200.0093-1.2125,800-1.21-0.9907+190.101406.7518.6-13973
18,2688,56018.91.60-1.000.0082-1.1125,850-1.11-0.9918+248.251500.1518.9041
44,98214,20919.31.50-0.600.0076-1.0625,900-1.06-0.9924+221.901528.7019.3-8269
13,9452,22219.61.35-0.550.0068-0.9725,950-0.97-0.9932+156.551549.4019.6038
196,75936,71820.21.40-0.350.0069-1.0126,000-1.01-0.9931+208.901621.3020.2-40022,376
11,28438820.51.25-0.300.0061-0.9226,050-0.92-0.9939-185.601694.0020.5034
21,178-1,53320.81.15-0.200.0056-0.8726,100-0.87-0.9944+214.501714.6520.80513
4,954-34221.21.10-0.150.0053-0.8426,150-0.84-0.9947-1553.101794.4521.2012
14,075-43021.40.95-0.250.0046-0.7526,200-0.75-0.9954+196.551814.3021.403,042
2,20191022.21.10-0.150.0051-0.8526,250-0.85-0.9949+16.001867.4522.2-2733
6,0541,15322.30.90-0.250.0042-0.7226,300-0.72-0.9958+172.451902.4522.3-2621
Recommended strategy
Bear Put Spread Bearish
BUY 24,400 PE @ 221.70
SELL 24,300 PE @ 176.40
Lot size65
Max profit₹3,556
Max loss₹-2,944
Breakeven(s)24,357
Buy 24,400 PE @ 221.70, Sell 24,300 PE @ 176.40. Net debit strategy profiting from downside. Limited risk with defined reward.
P&L at expiry — interactive simulator
P&L curve Breakeven Buy / Max profit Sell / Max loss Spot price
NIFTY BANK
BANKNIFTY · 2026-04-28
CHAIN OKBias: downward drift (F&O + breadth)
Spot
57,124.45
Index chg
-0.43%
PCR (OI)
1.018
Max pain
56,500
Δ +1.11%
Breadth A/D
8 / 6
Confidence
Medium
Reasoning
  1. Put–call ratio (OI) = 1.018. Low PCR suggests crowded calls (mean-reversion risk); high PCR indicates hedging/bearish positioning.
  2. Max pain ≈ 56,500 vs spot ≈ 57,124 (+1.11%). Near expiry, price tends to gravitate toward max pain.
  3. Session ΔOI: calls +29,438, puts -21,751. Fresh OI in the direction of the move implies trend conviction; against the move implies hedging.
  4. ATM (57,100): CE OI 3,973 vs PE OI 3,861, CE IV 20.5% / PE IV 20.5%.
  5. Cash index breadth: 8 up / 6 down (A/D ≈ 1.33).
Full option chain · 2026-04-28 · Lot 30
CALLS STRIKE PUTS
OIΔOIIVLTPChgDeltaTheta ThetaDeltaChgLTPIVΔOIOI
765-1131.14762.10-104.300.9821-8.3652,600-8.36-0.0179-11.1514.9031.1-3291,180
1,823-1230.84548.75-6.400.9807-8.8752,700-8.87-0.0193-11.7516.1530.8-5512,308
636-230.44572.85+6.900.9799-9.0252,800-9.02-0.0201-13.5016.6030.481,094
709-829.74225.00+106.050.9795-9.0052,900-9.00-0.0205-14.3016.6529.7-92665
8,170-27329.74161.70-237.750.9771-9.8553,000-9.85-0.0229-14.3018.8029.7-4,42119,478
536029.24300.00+50.000.9761-10.0453,100-10.04-0.0239-15.6019.4029.2-114554
451-229.24175.00-20.000.9733-11.0253,200-11.02-0.0267-15.5522.0029.23231,110
491-229.03825.00-151.000.9708-11.7853,300-11.78-0.0292-15.3524.1529.02571,363
361-228.63976.75+51.750.9691-12.1953,400-12.19-0.0309-16.3025.4528.63521,242
1,697-9828.23664.90-246.000.9671-12.6853,500-12.68-0.0329-18.6527.0028.23,62716,487
306-227.93550.00-290.000.9646-13.3253,600-13.32-0.0354-18.8529.0527.91901,236
480027.83672.05-52.650.9608-14.4053,700-14.40-0.0392-19.2032.4527.86011,531
408-2827.43494.10-105.900.9586-14.8553,800-14.85-0.0414-20.6034.1027.4-1091,164
413-2526.43400.00-97.500.9595-14.0453,900-14.04-0.0405-27.3032.0026.4-61,132
11,346-28024.93163.20-251.150.9629-12.3554,000-12.35-0.0371-28.0535.4024.9-1,14426,954
430-1723.73060.00-277.500.9652-11.1454,100-11.14-0.0348-23.2044.4523.71181,172
465-3626.13150.00-50.000.9450-17.7154,200-17.71-0.0550-27.7545.0026.12901,744
546-1825.93002.90-105.500.9399-18.8754,300-18.87-0.0601-28.4549.6025.95902,005
629-1125.52799.20-195.600.9358-19.5954,400-19.59-0.0642-31.1052.8525.57863,392
5,766-10825.02691.35-249.500.9320-20.0954,500-20.09-0.0680-30.8559.0025.01,49714,469
937-4024.12590.00-279.400.9313-19.5354,600-19.53-0.0687-31.0065.4524.13383,285
817-2520.72467.05-235.950.9511-12.8454,700-12.84-0.0489-33.1071.1520.7-6483,578
791-2724.82639.75-17.050.9088-24.8354,800-24.83-0.0912-34.2577.7524.83823,062
867-2723.02302.45-287.950.9148-21.9354,900-21.93-0.0852-32.1087.5023.0201,895
12,724-70524.02225.00-260.400.8952-26.6655,000-26.66-0.1048-34.2593.4524.0-1,32527,485
660-1520.92096.50-299.100.9146-19.9755,100-19.97-0.0854-34.15103.4020.9-1621,763
761-2022.92033.30-269.450.8828-27.5855,200-27.58-0.1172-34.80112.3022.9-2432,069
666-1723.21950.00-256.700.8678-30.3255,300-30.32-0.1322-37.20122.0523.2652,055
796-2723.51965.15-160.950.8508-33.4155,400-33.41-0.1492-35.45134.5023.5482,972
4,216-21223.31789.30-247.550.8386-34.8755,500-34.87-0.1614-34.90147.0023.377112,482
1,915-4021.81673.20-287.550.8388-32.6255,600-32.62-0.1612-38.45157.0521.81263,055
2,299-4622.91610.80-259.450.8119-37.6855,700-37.68-0.1881-36.60176.6022.9-1,3104,144
1,307-3522.11515.85-275.400.8025-37.5555,800-37.55-0.1975-33.80191.8022.1-163,285
1,479-3122.51448.00-265.850.7807-40.6355,900-40.63-0.2193-34.70209.6022.53133,112
9,624-1,09822.21364.95-253.500.7644-41.8156,000-41.81-0.2356-33.25227.4022.2-46117,804
1,390-8021.51271.30-280.400.7516-41.5856,100-41.58-0.2484-30.25251.1521.5-2662,791
1,282-8721.81209.00-242.750.7274-44.3656,200-44.36-0.2726-30.70271.0021.8-3342,607
1,489-2421.81141.15-244.000.7061-45.9456,300-45.94-0.2939-23.65299.7021.84763,533
1,520-9621.31053.60-252.650.6877-46.0856,400-46.08-0.3123-21.65325.0021.35863,674
12,848-88121.4991.00-234.100.6638-47.6856,500-47.68-0.3362-17.20353.2021.426319,089
2,312-8021.2927.00-236.050.6412-48.3556,600-48.35-0.3588-14.70383.2021.23724,173
2,209-9320.7844.65-243.450.6188-48.2656,700-48.26-0.3812-4.80421.5020.7-2983,603
3,601-45520.9792.05-226.400.5925-49.5756,800-49.57-0.4075-3.65454.2020.9-1,2444,477
1,8407520.5723.15-228.750.5677-49.3756,900-49.37-0.4323+5.60495.5520.5-7703,740
22,9672,15520.7672.00-214.900.5411-50.1057,000-50.10-0.4589+11.50536.1520.7-44726,620
3,9731,60920.5615.10-209.550.5148-49.9057,100-49.90-0.4852+13.30579.2020.56723,861
6,90086820.4563.20-199.250.4880-49.6857,200-49.68-0.5120+25.35627.8020.41555,809
8,4162,33520.0513.70-192.400.4605-48.5457,300-48.54-0.5395+25.25669.8520.0-5154,986
9,3924,44220.0465.55-185.700.4335-48.1057,400-48.10-0.5665+38.15726.2020.05614,239
20,6545,48020.1424.50-174.150.4073-47.6357,500-47.63-0.5927+56.30787.2020.1-6679,233
4,06465920.0384.95-161.700.3805-46.4757,600-46.47-0.6195+61.00845.5020.02,3773,153
3,02758420.0346.20-153.050.3551-45.4857,700-45.48-0.6449+79.40915.1520.082383
4,17134019.5311.60-142.350.3263-43.0357,800-43.03-0.6737+75.65965.0019.5105346
2,55495619.8277.20-134.700.3044-42.3457,900-42.34-0.6956+100.151044.9019.8302503
23,6723,16319.6248.40-123.750.2790-40.2758,000-40.27-0.7210+100.601108.2519.61476,878
2,60161719.7219.80-116.300.2571-38.7858,100-38.78-0.7429+109.001188.6019.7-1138
2,31865419.8197.90-104.500.2366-37.2558,200-37.25-0.7634+131.551267.1019.815125
2,10970919.6173.60-97.400.2148-35.0758,300-35.07-0.7852+130.251346.9019.6498
2,4107919.5150.00-91.350.1931-32.5958,400-32.59-0.8069+134.601422.4519.5577
12,122-95519.6134.30-81.600.1761-30.9558,500-30.95-0.8239+163.351509.0019.6-3924
3,4531,12819.7120.00-72.150.1603-29.2958,600-29.29-0.8397+166.201596.0019.7062
4,3101,30819.8107.30-63.200.1458-27.6758,700-27.67-0.8542+173.201678.5019.8-228
4,02875319.894.45-55.600.1313-25.8058,800-25.80-0.8687+214.401762.1019.81317
3,23998319.883.05-50.400.1180-23.9958,900-23.99-0.8820+0.001644.7519.8077
28,57279219.770.10-47.750.1033-21.6259,000-21.62-0.8967+191.401947.1019.7-1027,586
2,72722919.964.00-40.900.0947-20.5659,100-20.56-0.9053-39.851865.0519.9014
2,55662420.157.80-35.950.0863-19.3759,200-19.37-0.9137+24.351995.0520.1-918
2,5973920.351.75-29.400.0781-18.1159,300-18.11-0.9219+0.002044.1020.3049
1,76520920.142.50-30.000.0667-15.8759,400-15.87-0.9333-704.652065.3520.1-231
16,0222,08820.035.75-28.300.0578-14.1259,500-14.12-0.9422+204.302419.3020.0-501,180
2,73490420.433.90-23.850.0542-13.7259,600-13.72-0.9458-47.602321.9520.40148
2,549-1,28520.227.40-22.250.0456-11.8059,700-11.80-0.9544-782.652339.8520.2044
4,0162,05620.425.10-19.500.0418-11.1459,800-11.14-0.9582+0.002501.0020.4077
2,029-6921.024.65-15.400.0402-11.0959,900-11.09-0.9598-1020.602522.8021.0051
46,7092,34621.021.05-15.250.0350-9.9160,000-9.91-0.9650+231.502910.6521.0-2129,436
2,68628521.018.35-14.650.0310-8.9860,100-8.98-0.9690-933.552708.9521.0012
3,104-1,36621.517.95-11.450.0298-8.9060,200-8.90-0.9702+0.002781.9521.5079
2,10575921.716.25-10.000.0271-8.2960,300-8.29-0.9729-955.152897.8521.7020
628-12121.914.45-8.850.0243-7.6160,400-7.61-0.9757-196.852993.1521.9044
9,2391,44620.812.25-8.800.0165-5.2460,500-5.24-0.9835+217.503373.0520.8-2423
1,18766022.412.35-6.300.0207-6.8160,600-6.81-0.9793-1059.403265.6022.4-351
98453722.19.65-7.500.0168-5.6360,700-5.63-0.9832-1618.003282.0022.1042
76029722.69.65-5.600.0164-5.6660,800-5.66-0.9836-196.153379.1022.6030
1,29978322.88.65-5.600.0148-5.2260,900-5.22-0.9852-363.503476.5022.8014
24,994-92023.38.70-4.400.0146-5.2761,000-5.27-0.9854+231.253889.6023.3-3464,135
657-6723.68.15-3.750.0136-5.0261,100-5.02-0.9864-127.753672.2523.6044
6628123.66.95-4.300.0118-4.4461,200-4.44-0.9882-1355.953770.5023.6048
1,22311724.06.90-3.550.0115-4.4361,300-4.43-0.9885-146.003900.0024.0050
362-87223.95.70-3.300.0097-3.8161,400-3.81-0.9903-1924.353967.6023.9020
8,75523224.55.95-2.500.0099-3.9661,500-3.96-0.9901+215.304382.5524.5-28703
350-6924.65.20-3.150.0087-3.5661,600-3.56-0.9913-6262.404165.3524.6014
Recommended strategy
Bear Put Spread Bearish
BUY 57,100 PE @ 579.20
SELL 56,100 PE @ 251.15
Lot size30
Max profit₹20,158
Max loss₹-9,842
Breakeven(s)56,772
Buy 57,100 PE @ 579.20, Sell 56,100 PE @ 251.15. Net debit strategy profiting from downside. Limited risk with defined reward.
P&L at expiry — interactive simulator
P&L curve Breakeven Buy / Max profit Sell / Max loss Spot price
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