NIFTY 50 · 2026-09-16
Option chain snapshot summary for the 2026-09-16 trading session — 138 data points captured between 09:15 and 15:30 IST.
Avg PCR
1.204
Strongly put-heavy — bullish signal
Max Pain Strike
23,500
Strike where max OI expires worthless
Spot Range
23,118.6
–
23,118.6
–
23,118.6
Range 0.0 pts
(0.00%)
Max-Pain PCR
1.002
PCR at the max-pain strike level
Data Points
138
Chain snapshots captured this session
Reading these numbers
- PCR 1.204 — 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 23,500 — 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 23,118.6 – 23,118.6 — The index closed below max pain (23,500) — 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 →