What the option chain shows
GIFT Nifty is trading at +0.39% (+88.75 points) in the pre-market window, signaling modest upside interest ahead of the cash open. Monday's session closed with solid momentum: Nifty advanced 132.97 points (+0.59%) while Sensex gained 469.59 points (+0.65%), establishing a firmer tone into this week's expiry-driven trading.
Nifty enters its final expiry day today with chart resistance sitting at 22,652.67 and support anchored at 22,427.97—a relatively tight 224-point band. The five-day average daily move stands at 266.76 points, suggesting room for volatility within this range. The 23,000 strike has accumulated fresh open interest (Addition), marking where sellers are positioned above, while the 21,500 support level has also seen Addition, indicating both call and put writers are defending their zones into expiry. This two-sided OI buildup typically reflects late-week hedging and position-squaring rather than a conviction directional bet.
Bias and readiness
Sensex, expiring in two days, projects a different profile. Its 5-day average daily move is considerably higher at 882.62 points, reflecting larger point swings in the index. Monday's 469.59-point gain landed it near the 72,729.54 resistance level, with support at 71,937.79. The 74,000 strike and 70,000 support both show Addition in their open interest, mirroring the pattern seen in Nifty—option writers are stacking positions on both sides as the expiry window tightens. This bracketing behavior often persists until final hours when directional clarity emerges or positions unwind ahead of rollover.
India VIX sits at 14.78, a subdued level that underscores the absence of panic or extreme uncertainty. Low volatility in the options market can mask underlying chop or breakout potential once spot prices begin trading; the pre-market gap-up is modest but real.
Levels to watch
The setup to monitor: whether the GIFT Nifty's opening momentum sustains through the first hour or gets absorbed into range-bound expiry consolidation. Sensex's larger average daily range suggests it may command the session's primary direction, given it has two more days of liquidity to work with. Both indices will likely draw support and resistance cues from the OI-defended zones rather than chart pivots alone, a common trait in final expiry sessions.