Nifty expiry day, and the board that settles today changed sides overnight.

On Friday the put call ratio on the 15 September board went from 0.640 to 1.057 in a single session. Puts were added 5.42 crore against 2.58 crore of calls cut. Most of that call cut is far strike housekeeping above 25,000, which always happens in expiry week, so strip it out and look only near the money. Between 22,900 and 23,900, calls added 41.71 lakh and puts added 2.61 crore. Six to one. The near money put call ratio is 1.217. That is the option writers swapping sides on the second last day of a board, and it is a far stronger signal than the headline number.

Max pain came down to 23,450 from 23,500, with spot settling 51.90 below it. GIFT Nifty at 23,525.50 is up 82, which points to an open of 23,440 to 23,490. We open on the magnet.

The both sides ...