Nifty PCR
Nifty PCR Today
| Metric | Value | Read |
|---|---|---|
| Nifty PCR | 0.9019 | Neutral |
| Bias contribution | 20% of Market Bias (fixed weight) | Same weight regardless of days to expiry |
Nifty's Put-Call Ratio reads 0.9019 as of Friday, 23 October 2026 — MarketCue's AI-Agentic platform scores this as "Neutral". PCR is calculated as total put open interest divided by total call open interest across Nifty's option chain; it's a positioning indicator, not a price forecast, showing whether the market is more heavily hedged with puts or calls at any given moment.
The read is deliberately contrarian: a high PCR (well above 1.30) means significantly more puts are written relative to calls, which MarketCue treats as bullish rather than bearish. The logic is that option writers — who take on risk for a premium, rather than buying protection — are net short puts when they're confident the market won't fall that far, so heavy put-writing signals seller conviction that the downside is limited. Conversely, a PCR below 0.80 means calls dominate open interest, read as overbought / bearish.
PCR contributes a fixed 20% weight to MarketCue's Stage 1 Market Bias score regardless of how many days remain to expiry — unlike Gap % and Open Interest structure, whose weights shift as expiry approaches, PCR's influence on the overall bias stays constant throughout the expiry cycle. The remaining 80% comes from Gap %, OI structure, and Max Pain distance, each documented in full on the rules page.
Read the full MarketCue scoring methodology
Source: NSE option chain. .
Frequently asked questions
- What is a good PCR for Nifty?
- A Put-Call Ratio above 1.30 reads as oversold / bullish (more puts written than calls), 0.80–1.30 is neutral, and below 0.80 reads as overbought / bearish. MarketCue weights PCR as a fixed 20% of its Market Bias score regardless of days to expiry.
- How is PCR calculated?
- Put-Call Ratio is total put open interest (or volume) divided by total call open interest (or volume) across an index's option chain. MarketCue uses open-interest-based PCR, which reflects standing positions rather than the day's trading volume alone.
- Is a high PCR bullish or bearish?
- A high PCR (more puts written relative to calls) is read as a contrarian bullish signal, not a bearish one -- heavy put-writing usually reflects option sellers confident the market won't fall to that strike, which is a bullish position, rather than traders buying puts to bet on a decline.