NIFTY 50 · 2026-09-09
Option chain snapshot summary for the 2026-09-09 trading session — 223 data points captured between 09:15 and 15:30 IST.
Avg PCR
0.647
Call-heavy — mild bearish bias
Max Pain Strike
23,800
Strike where max OI expires worthless
Spot Range
23,380.2
–
23,635.1
–
23,635.1
Range 254.9 pts
(1.09%)
Max-Pain PCR
0.707
PCR at the max-pain strike level
Data Points
223
Chain snapshots captured this session
Reading these numbers
- PCR 0.647 — 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 23,800 — 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 23,380.2 – 23,635.1 — The index closed below max pain (23,800) — 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 NIFTY 50. Login to the terminal →