Establishing a connection
Establishing a connection
PNB · Open Interest
PNB currently carries 6,18,72,000 contracts of call open interest against 4,32,16,000 of put open interest on the 29 Sep 2026 expiry, with spot at 116.5. The heaviest call strike is 120 and the heaviest put strike 115.
| Strike | Call OI | Put OI | Put minus call | Side |
|---|---|---|---|---|
| 111 | 40,000 | 9,68,000 | +9,28,000 | Put-heavy |
| 112 | 5,60,000 | 18,48,000 | +12,88,000 | Put-heavy |
| 113 | 8,72,000 | 16,80,000 | +8,08,000 | Put-heavy |
| 114 | 7,36,000 | 18,80,000 | +11,44,000 | Put-heavy |
| 115 | 50,00,000 | 62,40,000 | +12,40,000 | Put-heavy |
| 116 ATM | 35,92,000 | 24,72,000 | −11,20,000 | Call-heavy |
| 117 | 51,92,000 | 28,24,000 | −23,68,000 | Call-heavy |
| 118 | 55,60,000 | 26,80,000 | −28,80,000 | Call-heavy |
| 119 | 25,92,000 | 5,84,000 | −20,08,000 | Call-heavy |
| 120 | 1,41,52,000 | 37,12,000 | −1,04,40,000 | Call-heavy |
| 121 | 16,24,000 | 10,56,000 | −5,68,000 | Call-heavy |
PNB carries 6,18,72,000 contracts of call open interest and 4,32,16,000 of put open interest across the 29 Sep 2026 expiry, 1,86,56,000 more on the call side. That works out to a put-call ratio of 0.70, which on open interest alone reads as mildly call-heavy positioning. Figures are market close, 8 Sep 2026.
The heaviest put open interest sits at 115 with 62,40,000 contracts, and the heaviest call open interest at 120 with 1,41,52,000 contracts. With spot at 116.5, those strikes bracket the range the option market is positioned around. They are crowding observations rather than levels that must hold — they break regularly, usually when the open interest behind them unwinds rather than defends.
Open interest is the total number of option contracts in a strike that are still open and not yet squared off or settled. It counts positions, not trades. Rising open interest means fresh contracts are being created and new money is entering that strike; falling open interest means existing positions are being closed out.
Writers are the sellers of an option contract, taking the premium in exchange for the obligation. Because a writer carries open-ended risk, large written positions tend to be defended, and the strikes carrying the heaviest written open interest are the ones price most often stalls around. That is a description of where the crowd sits, not a guarantee about what price will do.
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