Bank Nifty contract facts
| Bank Nifty | Nifty 50 | |
|---|---|---|
| Index | 14 banking stocks | 50 large companies |
| Expiry | Monthly, last Tuesday | Weekly every Tuesday, plus monthly on the last Tuesday |
| Lot size | 30 | 65 |
| Strike interval | 100 points | 50 points |
| Typical implied volatility | Usually higher than Nifty's | Lower |
These lot sizes apply since 31 December 2025. On the same date NSE added YES Bank and Union Bank of India to the index, taking it from 12 to 14 banks, and SEBI's rules for indices with derivatives now cap how much weight any single bank can carry. Lot sizes are revised from time to time, so check NSE's current contract specifications before you trade.
What the chain shows
The layout is the same as the Nifty option chain: calls on the left, puts on the right and strikes down the middle, with the at-the-money strike near the current index level.
| Column | What to read from it |
|---|---|
| OI | Where positions are concentrated. Large call OI above the index often acts as resistance, and large put OI below it as support |
| Change in OI | Where new positions were added today |
| IV | How expensive each option is. Bank Nifty IV rises sharply before RBI policy and bank results |
| Volume | Which strikes are active today |
| Greeks | Delta for direction, theta for daily decay, vega for sensitivity to IV |
Example: reading a Bank Nifty chain
Suppose Bank Nifty is at 56,000 with 15 days to expiry.
| Strike | Call OI | Put OI | Reading |
|---|---|---|---|
| 55,000 | 8 lakh | 32 lakh | Heavy put writing: traders expect 55,000 to hold |
| 55,500 | 12 lakh | 24 lakh | Support building |
| 56,000 | 20 lakh | 18 lakh | At the money: most active, balanced |
| 56,500 | 26 lakh | 10 lakh | Resistance building |
| 57,000 | 35 lakh | 6 lakh | Heavy call writing: traders expect 57,000 to cap the month |
The put-call ratio by OI is total put OI divided by total call OI. In this example, 90 lakh ÷ 101 lakh = 0.89. A reading between about 0.8 and 1.2 is typical; readings far outside that range show one-sided positioning. See our Nifty PCR guide for how traders use it.
These figures are illustrative, not live data.
What is different about Bank Nifty
- Monthly expiry only. Weekly option strategies that ran on Bank Nifty before November 2024 now need Nifty 50 or Sensex, the only indices with weekly options. Bank Nifty positions hold for days or weeks, so theta decay per day is slower than on a weekly option.
- Bigger moves. A 1% move in Bank Nifty is about 560 points at 56,000, so stop losses and strike selection need more room than on Nifty.
- Event risk. RBI policy days, bank results and credit policy news move the index and its IV. Check the calendar before selling options.
- Margin. Short Bank Nifty options need more margin than Nifty because of the higher volatility. Our F&O margin calculator explains how SPAN margin is set.
Using the chain to choose strikes
- Find the range. Note the strikes with the highest call OI above the index and the highest put OI below it. Option sellers often sell outside this range; buyers look for breakouts through it.
- Check IV. Compare today's IV with its recent range. High IV favours selling strategies such as a short strangle; low IV favours buying.
- Pick by delta. Many sellers choose strikes around 0.15 to 0.25 delta; buyers who want a directional trade choose 0.40 to 0.60.
- Check liquidity. Trade strikes with tight bid-ask spreads and active volume, usually within a few hundred points of the index.
- Plan the exit. Set a stop loss per leg or an MTM stop loss on the whole position before you enter.
Common mistakes
- Treating the highest-OI strikes as fixed levels. They shift during the month as positions roll.
- Selling options the day before an RBI announcement because premiums look rich.
- Using Nifty position sizes on Bank Nifty. The point value is lower per lot, but the index moves more.
- Reading a public chain that is delayed by several minutes and trading on it.
QuantPower's Bank Nifty option chain
QuantPower's advanced option chain shows OI, change in OI, IV, Greeks and PCR for each Bank Nifty strike, alongside futures analysis. Prices come from your connected broker account, through your broker's market data feed. From the chain you can build a position, see its payoff and move it into the strategy builder to add entries, stops and exits. Connect your broker to see the live chain.
Related guides
- Nifty option chain: the same view for Nifty 50, with weekly expiries
- Options analytics: live Greeks, IV and open interest in QuantPower
- Bank Nifty strategy: automated straddles, strangles and momentum trades
- Max pain: how max pain is calculated and read
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Frequently asked questions
Does Bank Nifty have weekly options?
No. Since 20 November 2024, Bank Nifty options expire only monthly, now on the last Tuesday of the month. Nifty 50 is the only NSE index with weekly options.
How much is one point worth on a Bank Nifty lot?
₹30, because one lot is 30 units as of October 2026. A 100-point move changes the value of one lot by ₹3,000. NSE revises lot sizes from time to time, so check the current contract specifications.
What is a good PCR for Bank Nifty?
There is no fixed good value. Readings between about 0.8 and 1.2 are typical. Very low readings show heavy call writing and very high readings heavy put writing. Use PCR with OI levels and IV, not on its own.
Where does QuantPower's Bank Nifty chain get its prices?
From your connected broker account, through your broker's market data feed during market hours. Public option chains on exchange or news websites are often delayed.
Which strategies suit Bank Nifty options?
Strategies that allow for bigger moves: hedged positions such as an iron condor or a bull call spread, or directional trades with a defined stop. Our Bank Nifty strategy guide covers several.
Sources
- SEBI, measures to strengthen the equity index derivatives framework, 1 October 2024, and circular on expiry days, 26 May 2025 (checked 20 October 2026)
- NSE, equity derivatives contract specifications, lot sizes and freeze quantities (nseindia.com), and Business Standard, "F&O changes from today: Lower Nifty, Bank Nifty lots", 31 December 2025 (business-standard.com) (checked 20 October 2026)
- Business Standard, "Sebi increases Bank Nifty stocks to 14 from 12, caps top stock's weight", 31 October 2025 (business-standard.com) (checked 20 October 2026)
- NSE Clearing, SPAN margin parameters and exposure margin rules