Sensex Option Data + Price Action Review | PCR 1.03 Shows Bullish to Neutral Expiry Bias (23 Oct 2025)

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SENSEX OPTION CHAIN ANALYSIS (23 Oct 2025 | CMP: 85,085)

CE unwinding at 85,200–85,300 • PE buildup at 85,000–85,100 • PCR 1.03 → Slightly Bullish

Asia/Kolkata • 23 October 2025
Expiry: Near-term

🔹 1️⃣ SPOT CHART VIEW

Price: 85,085

• RSI(14): ~60 → Healthy zone
• CCI(20): ~-36 → Cooling phase after overbought
• MACD: Still above zero → Momentum intact

📍 Interpretation: Trend अभी भी bullish है, लेकिन short-term sideways tone है। 85,000 strong base बन चुका है, और ऊपर 85,300 resistance zone है।

🔹 2️⃣ OPTION CHAIN OVERVIEW

Strike	CE OI	CE Chng	PE OI	PE Chng	Indication
84,800	9.07L	+26k	3.12L	+13k	Strong support
85,000	13.61L	+33k	5.65L	+29k	Strongest base
85,100	16.17L	+47k	7.53L	+36k	Bull vs Bear battle zone
85,200	20.69L	+79k	9.59L	+47k	Neutral / expiry magnet
85,300	22.14L	+1.46L	10.8L	+52k	Resistance zone
85,500	23.23L	+2.6L	1.08L	Flat	Major resistance ceiling

📊 PCR (Put/Call Ratio): 1.03 → Slightly bullish bias

📍 Heavy PE writing at 85,000–85,100 confirms bulls defending lower zone.
CE addition visible at 85,200–85,300 — expiry resistance forming.
Max Pain shifting from 85,000 → 85,200 → likely expiry around 85,150–85,200.

🔹 3️⃣ CE–PE INDICATORS

CE (85,100CE)

• RSI = 43 → Neutral
• CCI = 117 → Bullish
• MACD positive → Buying momentum alive

📍 CE में short covering possible near expiry end.

PE (85,100PE)

• RSI = 34 → Weak recovery
• CCI = 22 → No major buying pressure
• MACD deep negative → Bearish bias

📍 PE writers still confident and holding positions.

🔹 4️⃣ VOLATILITY + VOLUME TREND

• IV stable ~6.0 → कोई panic नहीं
• Volume distribution flat to mildly bullish (PE volumes > CE volumes)

📍 Option flow indicates expiry between 85,100–85,200 zone.

🔹 5️⃣ EXPIRY PROJECTION (Based on OI + Technicals)

Scenario	Expiry Range	Probability
🚀 Bullish (Short Covering)	85,150 – 85,250	55%
⚖️ Range-bound Expiry	85,000 – 85,150	35%
🔻 Weak Profit Booking	84,850 – 85,000	10%

📍 Expected Expiry Close: ✅ 85,150 ± 20 pts

🔹 6️⃣ SMART MONEY RANGE TABLE

Zone	CE Strength	PE Strength	Sentiment
84,800	9L	3.1L	🔹 Strong Support
85,000	13.6L	5.6L	🔹 Major Base
85,100	16L	7.5L	⚖️ Neutral
85,200	20.6L	9.5L	⚖️ Tug-of-War Zone
85,300	22.1L	10.8L	🔸 Resistance
85,500	23.2L	1.0L	🔻 Ceiling

✅ FINAL VERDICT – BULLISH to NEUTRAL EXPIRY 🎯

Factor	Reading
RSI	Neutral–Bullish
MACD	Positive crossover intact
PCR	1.03 → Bullish
Smart Money	Support at 85k
CE/PE Activity	CE add + PE write
Expiry Bias	85,150–85,200

📍 Conclusion:
Sensex expiry bias अभी भी bullish to neutral है। जब तक 85,000 hold है, expiry को 85,150–85,200 पर pin करने की कोशिश होगी। नीचे 85,000 टूटने पर ही selling बढ़ेगी, वरना expiry bulls के favor में रहेगी।

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