Nifty option chain data shows put writers have stacked 82,21,915 contracts at the 23,500 strike for the May 22 weekly expiry, the single heaviest put open interest position on the series, per niftytrader.in live data refreshed at 11:39 AM on May 18, 2026. Spot Nifty was at 24,176.15, down 150.5 points or 0.62%, sitting just 24 points above max pain at 24,200.
Nifty Option Chain — Put OI Buildup (May 22 Expiry)
| Strike | Put OI | Chg in OI | Chg % | Signal |
|---|---|---|---|---|
| 23,000 | 75,24,465 | +8,89,850 | +13.41% | Put Writing |
| 23,200 | 42,82,070 | +8,39,800 | +24.40% | Put Writing |
| 23,400 | 35,61,220 | +1,77,645 | +5.25% | Put Writing |
| 23,450 | 17,91,985 | +5,40,735 | +43.22% | Put Writing |
| 23,500 ★ | 82,21,915 | +2,31,075 | +2.89% | Put Writing |
| 23,550 | 20,00,050 | +6,01,380 | +43.00% | Put Writing |
| 23,600 | 42,58,670 | +3,36,895 | +8.59% | Put Writing |
| 23,650 | 14,19,600 | −65,390 | −4.40% | Unwinding ⚠ |
| 23,700 | 48,45,880 | +8,31,285 | +20.71% | Put Writing |
| 24,000 CE | 74,03,240 | +98,995 | +1.36% | Call Writing |
| 24,200 CE ⚡ | 66,72,380 | +15,50,055 | +30.26% | Call Writing |
★ Highest put open interest · ⚡ Max Pain level · ⚠ Only strike showing unwinding. Spot: 24,176.15 · Max Pain: 24,200 · VIX: 19.66 · PCR: 0.794 · Expiry: May 22, 2026
Where Nifty Put Writers Are Concentrating This Week
The 23,500 PE is where Nifty put writers have built the largest single position, 82,21,915 contracts of put open interest outstanding. But the more telling data is what is happening above it. The 23,700 PE added 8,31,285 fresh contracts, a 20.71% OI surge in one session. With spot Nifty at 24,176, that strike sits just 476 points below the market. Put writers defending 23,700 this aggressively means the effective institutional floor is tighter than the headline 23,500 number suggests.
Also Read: Nifty PCR Live Today | Put-Call Ratio Chart & OI Data
Max Pain at 24,200—Spot Is Already Pinned
Max pain for the May 22 expiry is 24,200, per niftytrader.in live data. Spot at 24,176.15 is just 24 points below that level, the tightest spot-to-max-pain gap of the current series. Nifty put writers and call writers both benefit from expiry near 24,200. India VIX at 19.66, rising 0.87 on the day, means premiums are expanding as spot drifts lower, which increases the put-writing incentive rather than reducing it.
The Put Open Interest Velocity Story Most Coverage Misses
Absolute put open interest rankings show 23,500 at the top. But OI velocity tells a different story. The 23,550 PE saw a 43% single-session OI build, 6,01,380 fresh contracts, and the highest percentage addition in the entire Nifty option chain this session. The 23,450 PE added 5,40,735 contracts, also a 43.22% jump. These are not the biggest strikes by size. They are the fastest-growing. Institutional desks layering put open interest at multiple strikes simultaneously signals defensive positioning across a band, not a single point.
The One Strike Where Put Writers Are Exiting
Every put strike from 23,000 to 23,700 on the Nifty option chain showed fresh writing, except 23,650. That strike lost 65,390 contracts, a 4.40% OI decline. It is the only unwinding signal in an otherwise uniformly bullish put chain. Writers are rolling out of 23,650 while adding at 23,550 and 23,700 on either side, tightening the defended range, not widening it.
Call Side: Where Nifty Put Writers’ Ceiling Is Set
The call side of the Nifty option chain confirms the upper boundary. The 24,000 CE carries 74,03,240 contracts with 98,995 fresh additions. The 24,200 CE, matching max pain exactly, saw 15,50,055 fresh contracts added, a 30.26% single-session jump. Call writers defending a strike just 24 points above current spot, with that volume of fresh writing, 24,200 is the confirmed weekly ceiling. The weekly range the option chain is pricing: 23,500 floor, 24,200 ceiling, and a 700-point band.
Check here: Live Nifty Option Chain – NSE OI, PCR & Strike Prices
FAQ: What Traders Are Searching About Nifty Put Writers
Where are nifty put writers building the most support this week?
23,500 PE has the highest put open interest at 82,21,915 contracts on the May 22 expiry. Fresh writing is most aggressive at 23,700 (+20.71% OI jump) and 23,550 (+43% OI velocity), per niftytrader.in Nifty option chain data as of May 18, 2026.
What is the current put open interest PCR on Nifty?
Overall PCR is 0.794 per niftytrader.in live data. Put open interest across the full series totals 12,54,77,040 contracts. PCR below 1.0 reflects active call writing; the directional signal is in individual strike OI changes, not the headline ratio.
What is Nifty max pain for the May 22 expiry, and does it matter?
Max pain is 24,200, per niftytrader.in live data at 11:39 AM, May 18. With spot Nifty at 24,176.15, just 24 points below, the market is already near the level where maximum put open interest and call open interest expire worthless. Nifty put writers have a strong incentive to defend this level through Thursday’s expiry.
Tuesday’s OI change data is the next confirmation signal; if Nifty put writers continue adding at 23,700 and above while call writers hold 24,200, the weekly range stays locked. Any 24,200 call unwinding opens Nifty toward 24,300–24,400 before May 22. Track live Put OI buildup on the Nifty Option Chain.
