Nifty recovered nearly 366 points from Monday’s intraday low ahead of its October 27 monthly expiry. NiftyTrader’s closing-session options data showed falling open interest at the 22,700 Call despite a sharp rise in its premium, while 22,500 Put OI and 23,000 Call OI remained the major positioning references.
Nifty ended Monday, October 26, at 22,753.20, gaining 153.20 points, or 0.68%, as Indian equities recovered from an early sell-off and snapped a four-session losing streak.
The index opened at 22,524.40 and touched an intraday low of 22,387.35. It subsequently recovered 365.85 points from that low to finish above 22,750.
The recovery came just one trading session before the October 27 monthly expiry, making changes in options positioning particularly relevant.
NiftyTrader’s post-session data identified 22,500 as the highest Put-OI strike and 23,000 as the highest Call-OI strike.
However, activity closer to the market revealed a more interesting development: the 22,700 Call gained sharply in premium while its outstanding open interest declined.
Nifty October 27 Expiry: Key Highlights
- Nifty close: 22,753.20, up 153.20 points.
- Intraday rebound: 365.85 points from the day’s low.
- Highest Put OI: 22,500.
- Highest Call OI: 23,000.
- Option-chain PCR: Approximately 1.13.
- Late-session Max Pain: 22,750.
- Key development: 22,700 Call OI declined 9.3% while its premium increased 67.3%.
These figures suggest that traders should pay attention not only to the largest OI strikes but also to how positions changed during Monday’s recovery.
Nifty October 27 Expiry: Important OI Levels
| Indicator | Level or reading | Interpretation |
|---|---|---|
| Nifty closing price | 22,753.20 | Closed 0.68% higher |
| Highest Put OI | 22,500 | Major downside reference |
| Nearby Put activity | 22,600–22,700 | Important to monitor on expiry |
| Max Pain | 22,750 | Late-session calculation |
| Nearby Call activity | 22,800 | Immediate upside positioning |
| Highest Call OI | 23,000 | Major overhead reference |
| Full-chain PCR | Around 1.13 | Aggregate Put OI exceeds Call OI |
Source: NiftyTrader post-session option chain, OI and PCR snapshots dated October 26, 2026. Figures are attributed to their respective dashboard timestamps.
Why the 22,700 Call Is Important
One of the most notable developments came from the 22,700 Call.
According to NiftyTrader’s most-active-options data at 3:47 PM IST:
- 22,700 CE open interest: 89.99 lakh, down 9.3%.
- 22,700 CE premium: ₹137.95, up 67.3%.
A rising option premium accompanied by declining OI is consistent with short covering, although these two indicators cannot conclusively identify every trader’s position.
The distinction matters.
High Call OI is commonly interpreted as a potential resistance reference. However, when Call OI begins to decline while the underlying index rises, it may indicate that some existing Call positions are being closed.
At 22,800, the Call premium increased 53.4%, while OI rose only 0.9%.
This suggests that the recovery was not accompanied by substantial fresh Call-OI accumulation at every nearby strike.
Nevertheless, 23,000 continued to hold the largest Call-OI concentration in NiftyTrader’s option-chain summary.
For Tuesday’s expiry, traders will need to see whether Call OI continues to unwind near the market or whether fresh positions develop as Nifty approaches higher strikes.
Nifty Option Chain: Call and Put OI Breakdown
NiftyTrader’s post-session most-active-contract snapshot provides a clearer view of where activity was concentrated.
| Strike | Option | Open Interest | OI Change | Premium Change |
|---|---|---|---|---|
| 22,400 | Put | 1.32 Cr | +69.5% | −80.3% |
| 22,500 | Put | 1.73 Cr | +43.4% | −79.3% |
| 22,600 | Put | 1.47 Cr | +134.3% | −75.2% |
| 22,700 | Put | 1.12 Cr | +118.8% | −69.1% |
| 22,700 | Call | 89.99 L | −9.3% | +67.3% |
| 22,800 | Call | 1.02 Cr | +0.9% | +53.4% |
| 23,000 | Call | 1.84 Cr | 0.0% | −5.6% |
Source: NiftyTrader Most Active Options, October 26, 2026, at 3:47:24 PM IST. The table includes selected actively traded contracts, not every strike in the full chain.
What does the Put-side buildup indicate?
The 22,500 Put remained the largest Put-OI position in the full-chain summary.
However, the substantial percentage increases at 22,600 and 22,700 also deserve attention.
Both strikes recorded higher OI alongside sharply lower option premiums.
This combination can be consistent with Put writing and positioning that benefits from Nifty remaining above those strikes.
It is not definitive evidence of writing, because open interest does not distinguish buyers from sellers.
The more useful question for expiry is whether the positions remain open.
If fresh trading on Tuesday shows Put OI declining at 22,700 and 22,600 while Put premiums rise, the apparent support around these levels may weaken.
Nifty PCR Rises as Market Recovers
NiftyTrader’s PCR history for the October 27 expiry showed a significant shift during Monday’s trading session.
| Time | Nifty OI PCR |
|---|---|
| 9:10 AM | 0.737 |
| 10:30 AM | 1.128 |
| 12:00 PM | 1.007 |
| 2:00 PM | 1.104 |
| 3:00 PM | 1.140 |
| 3:43 PM | 1.129 |
The PCR increased from 0.737 in the morning to approximately 1.13 toward the end of the session.
This reflects an increase in Put open interest relative to Call open interest over the monitored strike set.
However, a rising PCR is not automatically a bullish signal.
It may reflect Put writing, Put buying, Call unwinding or a combination of different trading strategies.
Why do NiftyTrader’s PCR readings differ?
The main option-chain overview showed a PCR of 1.1261 at 3:39 PM.
NiftyTrader’s separate Live OI module subsequently displayed:
- PCR: 0.965.
- PCR (ALL): 1.1294.
These figures should not be treated as interchangeable.
The dashboard labels represent different displayed calculations, and the readings may also be affected by strike selection, calculation scope and refresh timing.
In particular, PCR (ALL) should not automatically be described as an all-expiry PCR without verifying its precise calculation method.
For the October 27 expiry analysis, the roughly 1.13 full-chain reading is the primary reference.
Traders should interpret it alongside price action and strike-wise OI rather than using it as a standalone directional forecast.
Nifty Max Pain Moves Toward 22,750
Max Pain was another closely watched indicator heading into expiry.
NiftyTrader’s OI dashboard had displayed Max Pain at 22,700 in an earlier 3:30 PM snapshot.
The main option-chain page showed 22,750 at 3:39 PM, while a subsequent refresh of the OI dashboard also displayed 22,750.
The later readings therefore converged around the same level.
Max Pain is calculated using outstanding option positions and the intrinsic payout at different possible expiry prices.
It can provide a useful reference when the index is trading close to the calculated level.
However, Max Pain does not guarantee where Nifty will settle on October 27.
Fresh option positions, unwinding and sharp price movements can change the calculation during expiry-day trading.
Nifty Futures: Short Covering or Expiry Rollover?
NiftyTrader’s futures dashboard provided an additional clue about Monday’s recovery.
At 3:31 PM, the October Nifty futures contract traded at ₹22,771.20, up 0.86%.
Open interest in the near-month contract declined by 96,330 units, or 0.85%.
A rising futures price accompanied by declining OI is commonly associated with short covering.
However, the expiry context makes the interpretation less straightforward.
The November futures contract simultaneously recorded a substantial increase in open interest as traders transferred positions into the next series.
Part of the October OI reduction may therefore reflect rollover or routine expiry-related position closures rather than short covering alone.
The futures data supports a cautious reading of the recovery, not a definitive conclusion about the identity of market participants.
Nifty October 27 Expiry: Three Scenarios to Watch
| Scenario | Important levels | What to monitor |
|---|---|---|
| Upside continuation | Above 22,750–22,800 | Sustained price strength and nearby Call-OI unwinding |
| Range-bound expiry | 22,600–22,800 | OI remaining concentrated on both sides |
| Downside weakness | Below 22,700 | Put-OI unwinding toward 22,600 and 22,500 |
Scenario 1: Nifty sustains above 22,800
A sustained move above 22,800 could strengthen the recovery picture.
Traders should monitor whether Call OI near that strike declines or shifts higher.
The 23,000 strike would then remain the larger upside OI reference, although a move toward it is not guaranteed.
Scenario 2: Nifty slips below 22,700
If Nifty fails to hold 22,700, attention may shift toward the 22,600 Put strike.
Falling Put OI and rising Put premiums around these levels would weaken the interpretation of nearby support.
The larger 22,500 Put-OI concentration would then become increasingly relevant.
Scenario 3: Nifty remains range-bound
If fresh OI builds on both sides of the market, Nifty may experience two-way movement around the 22,700–22,800 region.
Time decay can accelerate during the final trading session, but rapid hedging activity and shifting OI can still produce sharp intraday moves.
These scenarios are conditional observations, not price targets or trading recommendations.
What Should Traders Track on October 27?
For Tuesday’s monthly expiry, three developments deserve close attention.
First, Nifty’s reaction around 22,700–22,800. This region lies close to the late-session price and Max Pain reference.
Second, fresh Call and Put open interest. High outstanding OI is useful, but new additions and unwinding may provide more immediate information.
Third, the behaviour of option premiums. OI changes become more meaningful when interpreted with premium movements, implied volatility and time remaining until expiry.
Traders can follow these indicators through NiftyTrader:
Bottom Line
Nifty’s sharp recovery before the October 27 expiry has changed the immediate derivatives picture.
The 22,700 Call’s decline in OI during a sharp rise in premium is an important late-session development. At the same time, 22,500 remained the highest Put-OI strike and 23,000 remained the highest Call-OI strike.
The PCR near 1.13 and Max Pain around 22,750 provide additional context, but neither offers a reliable directional forecast by itself.
The key question on Tuesday is whether the nearby Put positions hold and Call OI continues to unwind—or whether the recovery gives way to renewed selling pressure.
Data note: This article uses October 26, 2026 NiftyTrader snapshots with different refresh times. The closing index value has been cross-checked with independent market coverage. Strike-wise OI figures refer to the specified NiftyTrader snapshots and may differ from subsequently reconciled exchange reports.
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Disclaimer: This article is for market information and educational purposes only and does not constitute investment advice. Options trading involves substantial risk. OI, PCR and Max Pain levels can change rapidly and do not guarantee market direction or expiry outcomes.
