Options desk read, 21 Sep 2026: NIFTY 23,414 (+0.29%), chain, OI and expected move
The desk read for 21 Sep 2026: where NIFTY and BANKNIFTY closed, what the option chain, open interest and expected move said about it, how gold's engine is leaning, and what tomorrow carries.
The close
| Index | Close | Day |
|---|---|---|
| NIFTY 50 | 23,414.3 | +0.29% |
| BANKNIFTY | 56,470.7 | +0.20% |
| SENSEX | 74,859.0 | +0.76% |
| FINNIFTY | 25,524.7 | +0.06% |
| INDIA VIX | 11.2 | -1.23% |
NIFTY finished at 23,414.3 (+0.29%), a flat day, with India VIX at 11.25 (-1.23%).
NIFTY option chain
For the 22-Sep-2026 expiry the put–call ratio is 1.47, max pain sits at 23,400, the call wall is at 23,500 and the put wall at 23,400, ATM 23,400. Puts outnumber calls by open interest, a market that has bought protection. The live chain is free at /option-chain/nifty.
OI build-up on the day: bullish lean — call writing at 23,600 / 23,650 (supply); put writing at 23,400 / 23,350 (support); call writers covering at 23,300 / 23,350; OI range 23,400–23,600. Call OI changed by +25,444,900 contracts and put OI by +66,995,370; PCR moved from 0.79 to 1.16.
Expected versus realised: the ATM straddle implied a day move of about ±201 points; the realised range was 152 points, 38% of the expected range — quiet — realised well inside expected. The straddle to expiry was ₹132.9 with ATM IV at 13.6%.
BANKNIFTY option chain
For the 29-Sep-2026 expiry the put–call ratio is 0.97, max pain sits at 57,000, the call wall is at 58,000 and the put wall at 56,000, ATM 56,500. Open interest is balanced between the two sides. The live chain is free at /option-chain/banknifty.
OI build-up on the day: balanced lean — call writing at 56,600 / 57,000 (supply); put writing at 56,400 / 56,000 (support); OI range 56,400–56,600. Call OI changed by +553,080 contracts and put OI by +532,080; PCR moved from 1.09 to 1.08.
Expected versus realised: the ATM straddle implied a day move of about ±431 points; the realised range was 399 points, 46% of the expected range — quiet — realised well inside expected. The straddle to expiry was ₹815.3 with ATM IV at 12.1%.
Gold
XAU/USD at $4,362.30. XAU Sovereign reads 1D SELL · 4H NEUTRAL. Levels and the reasons behind each vote are inside the engine.
FII / DII
On 2026-09-21 FIIs were net ₹-576 crore and DIIs net ₹+2,797 crore in the cash market; FII index futures net -288,428 contracts. History and participant positioning at /fii-dii.
Reads like this take a minute when the panels do the counting. The terminal's OISCAN, MOVE, IVP and RISK panels ran every number above live through the session, and the VIP Indicator's three engines mark the trades on the chart.