Nifty Midcap Select Expiry today: Index trades mildly lower with support at 13,300

Equity markets opened lower mildly higher on Monday before giving up the small gains to trade flat. At 12:00 p.m., both the Nifty 50 and the Sensex were trading over 0.05% higher at 25,369 and 82,908.02, respectively.

The Nifty Midcap Select index, which has its expiry on Monday, traded 0.18% lower at 13,323 by noon. The options market is currently factoring in a strong resistance at the 13,350 level with the open interest at this call strike amounting to 1.1 crore at 12:00 p.m. The change in open interest for the strike stood at 90.8 crore at the time of writing.

Meanwhile, on the downside, the market is factoring in strong support at the 13,300 level with the Put options at this strike reflecting an open interest of 80 lakh at the time of writing. The change in open interest stood at 66.6 lakh.

The max pain of Nifty Midcap Select stood at 13,400 at the time of writing. The max pain theory shows the level at which option sellers are likely to have the least loss on expiry.

The index reflects a put-call ratio (PCR) of 0.92 which indicates a neutral sentiment. PCR is the ratio of the number of puts to the number of calls of an asset. It is noteworthy that in extreme upward and downward market movements, the PCR can go as high as 1.8 or as low as 0.45, respectively.

India VIX, an index that reflects the anticipated volatility in the market over the next 30 days, rose 1.61% on Monday to 12.75 by noon.

On a 15-minute chart, the index was trading below its 21-exponential moving average (EMA) and 50-EMA.