Today is Nifty’s monthly expiry — April 28, 2026 — and the index is off to a strong start, trading at 24,180, up 85 points as short sellers scramble to cover positions ahead of settlement. The F&O data tells a compelling story about where the market could head before today’s close.
Short covering drives the move
The futures data is unambiguous. On April 28, open interest has fallen 3.65% to 79.87 lakh contracts while price has risen — a textbook short covering signal. This follows an even sharper short covering session on April 27, where OI collapsed 32.75% as price rose 0.82%. Before that, April 22, 23 and 24 all showed long unwinding — meaning the current bounce is shorts covering, not fresh longs being built. That distinction matters: short covering rallies tend to be sharp but can fade quickly once the covering is done.
Options data: 24,000 is the floor, 24,200 is the wall
The option chain for today’s expiry reveals a clear picture. The highest put OI sits at the 24,000 strike — with put OI of 3.67 crore contracts and significant put accumulation well above historical norms — making it the strongest support level for today’s session. The 24,100 strike also carries heavy put OI of 2.91 crore, creating a secondary support band.
On the call side, the 24,200 strike has seen a sharp buildup in OI to 2.33 crore contracts — up from 84 lakh the previous session — making it the key resistance to watch. A sustained move above 24,200 could trigger a fresh round of call unwinding and accelerate the upside. The 24,150 strike is the immediate battleground with near-balanced call and put OI, making it the pivot for today’s expiry trade.
The Max Pain level — where maximum options expire worthless — sits around 24,100, suggesting the index may gravitate toward that zone as expiry approaches at 3:30 PM.