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Option chain

Open interest at each strike for Nifty Financial Services index options on NSE, with the put-call ratio and max pain worked out from the whole chain. These are measures of open positions, not forecasts.

Nifty Financial Services, expiry 23 November 2026

Index level
27,272.20
Put-call ratio (open interest)
1.17
Max pain strike
26,500
Most call open interest
27,500 (984 contracts)
Most put open interest
27,000 (1,157 contracts)
How to read this

Put-call ratio (PCR) is total put open interest divided by total call open interest for this expiry. Max pain is the strike at which all option contracts together would be worth the least on expiry.

Open interest is the number of contracts still open, not the number traded today. Both figures describe existing positions; they are not forecasts.

What does a high or low put-call ratio mean?
It only says whether more puts or more calls are open. Puts and calls are bought and sold for many reasons, including hedging, so the ratio on its own is not a signal.
Does the price settle at max pain?
There is no rule that it does. Max pain is simply the strike where option buyers as a group would receive the least, worked out from today’s open interest.
How delayed is this?
NSE’s option chain is shown a few minutes late, and the time of NSE’s snapshot is printed in the source line.

More in Reading an option chain.

Put-call ratio is total put open interest divided by total call open interest for this expiry. Max pain is the strike at which option buyers’ contracts would be worth the least in total if the index settled there on expiry.

Open interest by strike

CallsStrikePuts
13026,80083
3226,85036
2226,90042
2026,95051
34027,0001,157
3027,05050
10527,100135
3127,15055
16427,200119
6827,25037
15427,300155
6327,35055
6327,40030
4327,45018
98427,50020
2427,5500
3827,6000
2027,6500
6127,7000
2227,7500
How to read this

Each row is a strike price. Bars to the left are call open interest; bars to the right are put open interest. Longer bars mean more open contracts.

In the change chart, a rise means new positions were opened today and a fall means positions were closed. It does not say whether buyers or sellers started them.

More in Reading an option chain.

Calls in dark, puts in yellow; the highlighted strike is nearest the index level. Contracts, 20 strikes around it.

Change in open interest today

CallsStrikePuts
026,800+8
026,850−3
+126,900−17
+326,950−5
−2127,000+158
−127,050+2
−1327,100−14
+927,150+23
+10327,200+62
+3427,250+16
+9727,300−60
+4427,350+38
+3827,400+22
+2027,450+14
+15127,500+15
−127,5500
+827,6000
−227,6500
+527,7000
+327,7500

Faded bars are falls in open interest (positions closed); solid bars are rises (new positions).

Max pain: what option writers would pay at each expiry level

26,80027,750

Each bar is the total value of in-the-money calls and puts across the whole chain if the index settled at that strike on expiry. The yellow bar, the lowest, is the max pain strike, 26,500. Not a forecast of where the index will settle.

Chain near the index level

Call OICall OI changeCall priceStrikePut pricePut OI changePut OI
94−10961.0526,550131.60−538
67−3877.7526,600169.15−2972
42−1783.7526,650187.90−139
750863.3526,700198.70−2484
111−13719.7026,750209.80+752
1300759.9526,800222.35+883
320–26,850242.00−336
22+1656.3526,900258.60−1742
20+3616.4526,950224.00−551
340−21558.9027,000283.00+1581,157
30−1505.6527,050314.45+250
105−13484.3027,100334.95−14135
31+9452.4027,150355.75+2355
164+103438.5527,200379.35+62119
68+34402.1527,250398.20+1637
154+97383.3027,300417.10−60155
63+44350.3027,350449.00+3855
63+38338.1027,400469.15+2230
43+20336.2027,450455.65+1418
984+151294.8527,500523.95+1520
24−1266.4027,550456.2500
38+8250.0027,600–00
20−2259.0527,650–00
61+5218.8527,700–00
22+3219.7027,750–00
40+17188.7027,800737.00−51
14+9170.7027,850–00
12+12163.5027,900–00
5+5169.1027,950–00
402−184136.1028,000–01

Source: NSE, 09-Nov-2026 12:04:18, delayed. Open interest is in contracts. The strike in bold is the one nearest the index level. Prices are the last traded premium.

F&O ban list for 9 November 2026

What the ban means

1 stock is in the ban period: new positions in its futures and options are not allowed, only reducing existing ones.

Kaynes Technology India

Source: NSE, published each evening for the next trading day.

Most active option contracts today

ContractPriceChangeContracts tradedOpen interest
NIFTY 24,900 PutIndex option · expires 9 Nov35.65−62.4%1.09 Cr3.55 L
NIFTY 25,000 CallIndex option · expires 9 Nov63.80−57.5%1.08 Cr4.39 L
NIFTY 24,800 PutIndex option · expires 9 Nov14.85−76.1%79.54 L2.91 L
NIFTY 24,900 CallIndex option · expires 9 Nov120.75−40.5%72.67 L1.18 L
NIFTY 25,100 CallIndex option · expires 9 Nov31.50−71.8%68.96 L3.60 L
NIFTY 24,950 CallIndex option · expires 9 Nov88.85−47.6%68.36 L1.54 L
NIFTY 24,850 PutIndex option · expires 9 Nov22.70−70.7%65.63 L2.06 L
NIFTY 25,000 PutIndex option · expires 9 Nov78.45−43.5%63.52 L2.53 L
NIFTY 24,950 PutIndex option · expires 9 Nov53.20−54.0%63.44 L2.55 L
NIFTY 25,200 CallIndex option · expires 9 Nov14.65−80.5%55.13 L3.05 L
NIFTY 25,050 CallIndex option · expires 9 Nov45.15−66.0%53.03 L2.23 L
NIFTY 24,700 PutIndex option · expires 9 Nov6.30−84.3%45.18 L1.88 L
NIFTY 24,750 PutIndex option · expires 9 Nov9.45−80.9%42.28 L1.42 L
NIFTY 25,300 CallIndex option · expires 9 Nov6.25−87.4%41.12 L2.39 L
NIFTY 25,500 CallIndex option · expires 9 Nov1.75−90.7%40.81 L3.03 L
NIFTY 25,150 CallIndex option · expires 9 Nov21.30−76.9%38.24 L1.92 L
NIFTY 25,400 CallIndex option · expires 9 Nov2.90−90.3%36.83 L2.15 L
NIFTY 24,500 PutIndex option · expires 9 Nov1.95−88.9%33.89 L2.67 L
NIFTY 24,600 PutIndex option · expires 9 Nov3.10−88.0%33.19 L1.81 L
NIFTY 25,250 CallIndex option · expires 9 Nov9.30−84.8%31.93 L1.85 L

Source: NSE, by number of contracts traded today, delayed. A busy contract is not a signal to trade it.

Information only, not advice to trade. Futures and options are high-risk: SEBI’s study of FY2022 to FY2024 found that about 9 in 10 individual traders in equity F&O made a net loss.