NIFTY 50 · 2026-07-21
Option chain snapshot summary for the 2026-07-21 trading session — 500 data points captured between 09:15 and 15:30 IST.
Avg PCR
1.043
Put-heavy — mild bullish bias
Max Pain Strike
24,200
Strike where max OI expires worthless
Spot Range
24,187.7
–
24,384.8
–
24,384.8
Range 197.1 pts
(0.81%)
Max-Pain PCR
0.84
PCR at the max-pain strike level
Data Points
500
Chain snapshots captured this session
Reading these numbers
- PCR 1.043 — A PCR above 1 means more put OI than call OI exists across the chain. Historically, elevated PCR correlates with market support (put writers are short puts and want the market to stay up).
- Max Pain at 24,200 — 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 24,187.7 – 24,384.8 — The max-pain strike (24,200) fell within the session's range — the index traded around the pain point during this session.
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 NIFTY 50. Login to the terminal →