Expiry brief · Monday, 02 November 2026
What the NIFTY option chain is pricing today, in numbers a trader can act on: the straddle as the expected move, volatility, skew, and four structures priced live. Written by the server at fixed times, every trading day.
Scheduled today
| IST | RELEASE | ACTUAL / FCST | ||
|---|---|---|---|---|
| 10:30 | 🇮🇳 | medium | Manufacturing PMI | |
| 20:30 | 🇺🇸 | medium | ISM Manufacturing PMI | 54.5 |
Full week on the economic calendar →
At the open · 09:20 IST
Taken 09:20 IST · LIVE
NIFTY is at 23,270.55, +0.94% on the day. The 23250 straddle for the 03 Nov expiry costs ₹204.15 (108.80 call + 95.35 put), which is the market pricing a one-standard-deviation move of about ±204 points, ±0.88%, over the 1.3 days to expiry. Read that as the expected range: 23,066 to 23,475. Roughly two expiries in three should finish inside it; the third is where the money is made and lost.
India VIX at 15.43 is in its ordinary range: premium is fairly priced, and the edge comes from structure and sizing rather than from volatility being mispriced. Skew is steep (+3.1 IV points, puts over calls two strikes out): the crowd is paying for downside, so put spreads are richer to sell than call spreads.
Priced off this chain, an iron condor collects ₹3,461 a lot with a maximum loss of ₹3,039 and breakevens at 23,097 / 23,403. The short strangle underneath it collects ₹7,839 — ₹4,378 more — for a loss that has no ceiling. That difference is the price of sleeping through a gap; decide whether it is worth paying before the market decides for you.
On the other side, the long straddle costs ₹13,270 a lot and needs NIFTY beyond 23,046 or 23,454 at expiry to pay. It bleeds about ₹5,246 a day in time value right now. Buy it only if you expect the market to move more than it is charging for — and know why.
Open interest across the loaded strikes: the largest call open interest above spot sits at 23,500 — the strike writers are defending as resistance; the largest put open interest below sits at 23,000, the floor.
Strategies priced off this chain · NIFTY · lot 65
| Structure · legs (per share) | Net / lot | Max profit | Max loss | Breakevens |
|---|---|---|---|---|
| Iron condor −1 23150 PE @ 59.05 · +1 23050 PE @ 36.10 · −1 23350 CE @ 61.55 · +1 23450 CE @ 31.25 | credit ₹3,461 | ₹3,461 | ₹3,039 | 23,097 / 23,403 |
| Short strangle −1 23350 CE @ 61.55 · −1 23150 PE @ 59.05 | credit ₹7,839 | ₹7,839 | unlimited | 23,029 / 23,471 |
| Long straddle +1 23250 CE @ 108.80 · +1 23250 PE @ 95.35 | debit ₹13,270 | unlimited | ₹13,270 | 23,046 / 23,454 |
| Bull call spread +1 23250 CE @ 108.80 · −1 23350 CE @ 61.55 | debit ₹3,071 | ₹3,429 | ₹3,071 | 23,297 |
Re-price any of these live in the builder →
Why the straddle is the expected move — Finch, chapter 6 →
The expiry brief is generated by Finostat's server from its live option chains at fixed times and written up from templates; it is education and market description, not a recommendation. Prices are indicative and can be stale. Derivatives can lose more than you put in. Finostat is not a SEBI-registered adviser.