Bank Nifty · 2026-05-20
Option chain snapshot summary for the 2026-05-20 trading session — 667 data points captured between 09:15 and 15:30 IST.
Avg PCR
0.765
Call-heavy — mild bearish bias
Max Pain Strike
53,700
Strike where max OI expires worthless
Spot Range
52,866.0
–
53,637.8
–
53,637.8
Range 771.8 pts
(1.46%)
Max-Pain PCR
0.97
PCR at the max-pain strike level
Data Points
667
Chain snapshots captured this session
Reading these numbers
- PCR 0.765 — A PCR below 1 means more call OI than put OI. Call writers dominate, which can act as a resistance cap on rallies near heavily-written call strikes.
- Max Pain at 53,700 — The theoretical price at which the index would cause the most option contracts to expire worthless, minimising the total payout from option writers. Often acts as an intraday or expiry-week magnet, especially in low-volatility sessions.
- Spot ranged 52,866.0 – 53,637.8 — The index closed below max pain (53,700) — below-pain positioning may have supported downward drift into expiry.
These are aggregate summaries of market positioning data, not trading signals. PCR and
max pain are widely-watched indicators but are not predictive on their own.
Read full disclaimer →
Related reading
PCR Explained →
How put-call ratio is calculated, what thresholds signal, and when it misleads.
Max Pain Theory →
Why max pain matters near expiry and how option writers influence price.
OI Buildup →
Long buildup, short covering, short buildup — reading the four OI patterns.
See live option chain data and real-time PCR for Bank Nifty. Login to the terminal →