In the run-up to this week’s Nifty expiry, price action and positioning have shown clear signs of changing momentum, volatility, and participant intent -especially from institutional players.
Over the last three Wednesdays leading into the weekly expiry, NIFTY 50 showed a clear shift in momentum. On 16 July 2025, it closed at 25,212.05, followed by a near-flat close at 25,219.90 on 23 July.
Nifty on Dhan Charts
However, by 30 July, the index dropped sharply to 24,885.50 - marking a fall of over 330 points within a week. While the price action remained stable between the first two weeks, this week saw visible unwinding or selling pressure.
This period also saw a steady rise in turnover (from ₹22,254 Cr to ₹24,976 Cr) alongside higher volumes, especially on 23 and 30 July, suggesting active participation ahead of expiry and increased volatility in the final leg.
Open Interest (OI) Trends:
The Options Chain becomes the focal point. Traders scrutinize Open Interest (OI) build-up at various strike prices, especially the nearest At-The-Money (ATM) and Out-of-The-Money (OTM) strikes.
- High OI at a Strike Price = Potential Support or Resistance.
- Sudden OI Changes = Indication of Position Shifts.
For example, as per NSE data, if Nifty 50 has the highest Call OI at 23,000 CE and Put OI at 22,800 PE, traders gauge this as a potential expiry range.
They watch for:
- OI in real-time.
- PCR (Put-Call Ratio) of OI to gauge sentiment (Above 1: Bullish bias, Below 1: Bearish bias).
Options Trader by Dhan
Price Action Zones:
On expiry days, price action zones - especially support and resistance clusters - become highly sensitive, guiding much of the intraday trading activity. Traders closely monitor key levels such as the day’s high and low, the previous day’s high, low, and close.
Nifty on Dhan Charts
Fibonacci retracement levels or psychological round numbers like 22,500 or 23,000. These zones often act as reaction points for price movement. On Dhan Charts, you can highlight these areas visually, helping you make quicker and more informed decisions during volatile sessions.
What FIIs Are Doing:
FII/DII data on ScanX
Ahead of the Nifty expiry on 31st July 2025, FII positions in index options reflect active short-term adjustments, with alternating changes in Call and Put Open Interest (OI). Recent sessions (25th-29th July) show unwinding of Put positions, indicating a reduction in downside hedges, while simultaneous additions in Call OI point towards call writing activity.
Despite these shifts, Nifty has remained range-bound between 25,100 and 25,300. Such positioning is closely tracked by traders to gauge how large participants like FIIs are aligning their exposure as expiry approaches.
All of these insights, along with many more market signals, can be tracked seamlessly and in real time on Dhan. From live Open Interest data to intraday price action zones, you can visualise and analyse every key level that matters for expiry.
Dhan also lets you monitor the Put-Call Ratio, follow FII positioning trends on ScanX, and mark Fibonacci levels (& more) directly on your Dhan charts.
Let us know what you think tomorrow’s expiry might be hinting at.