NTPC option chain

IV vs HV, IV percentile & PCR history →

End of day 02 Nov 2026 · expiry 23 Nov 2026 (21 days) · lot 1500

Spot

323.00

Future

320.80

Forward

320.64

23 Nov 2026 29 Dec 2026 25 Jan 2027

PCR (OI)

0.73

Puts 1.63 Cr / Calls 2.24 Cr

PCR (volume)

0.54

Puts 19,907 / Calls 36,700

Max pain

315

strike with least total payout to holders

Highest OI

325 CE · 400 PE

ΔOI calls +53.37 L · puts +12.49 L

Open interest by strike

CallsPuts│ ATM┊ Max pain

Calls										Puts
Buildup	OI	ΔOI	Volume	IV %	Delta	Theta	Chg	LTP	Strike	LTP	Chg	Theta	Delta	IV %	Volume	ΔOI	OI	Buildup
Neutral	—	—	—	82.43	0.89	-0.26	0.00	70.85	255	0.05	0.00	-0.00	-0.00	32.35	—	—	—	Neutral
Neutral	—	—	—	77.28	0.89	-0.26	0.00	83.90	260	0.10	0.00	-0.00	-0.00	29.82	—	—	7,500	Neutral
Neutral	—	—	—	72.16	0.88	-0.25	0.00	61.00	265	0.15	0.00	-0.00	-0.00	27.32	—	—	—	Neutral
Neutral	3,000	—	—	67.00	0.87	-0.24	0.00	44.45	270	0.05	-0.10	-0.01	-0.01	29.39	421	−4.72 L	6.32 L	Long unwinding
·	·	·	·	·	·	·	·	·	272.50	0.10	-0.10	-0.02	-0.01	30.57	4	−6,000	30,000	Long unwinding
Neutral	—	—	—	61.94	0.86	-0.24	0.00	51.40	275	0.10	-0.15	-0.02	-0.01	29.06	9	−4,500	88,500	Long unwinding
Neutral	—	—	—	59.40	0.86	-0.23	0.00	49.05	277.50	0.15	-0.30	-0.02	-0.02	29.23	6	+3,000	18,000	Short buildup
Neutral	33,000	—	1	62.74	0.83	-0.28	+15.10	45.00	280	0.15	-0.25	-0.02	-0.02	27.67	410	−94,500	10.39 L	Long unwinding
Neutral	—	—	—	54.39	0.85	-0.22	0.00	44.40	282.50	0.15	-0.35	-0.02	-0.02	26.11	8	−3,000	99,000	Long unwinding
Neutral	—	—	—	51.91	0.84	-0.22	0.00	42.10	285	0.25	-0.40	-0.03	-0.03	26.72	173	−54,000	2.65 L	Long unwinding
Neutral	18,000	—	—	49.41	0.83	-0.22	0.00	14.40	287.50	0.25	-0.55	-0.03	-0.03	25.06	15	−10,500	61,500	Long unwinding
Neutral	1.00 L	—	2	48.62	0.82	-0.23	+8.85	34.35	290	0.30	-0.70	-0.04	-0.04	24.21	735	−1.03 L	7.62 L	Long unwinding
Neutral	54,000	—	—	44.62	0.82	-0.21	0.00	22.50	292.50	0.40	-0.85	-0.05	-0.05	23.85	127	−1.03 L	84,000	Long unwinding
Short covering	1.23 L	−4,500	12	23.15	0.93	-0.05	+5.80	26.05	295	0.50	-1.05	-0.05	-0.06	23.18	297	—	3.69 L	Neutral
Long buildup	1.80 L	+7,500	41	—	—	—	+5.10	23.00	297.50	0.60	-1.35	-0.06	-0.08	22.28	258	−31,500	2.77 L	Long unwinding
Neutral	9.91 L	+1,500	99	23.25	0.89	-0.08	+5.70	21.55	300	0.80	-1.55	-0.07	-0.10	21.96	1,214	+2.56 L	17.22 L	Short buildup
Short covering	2.90 L	−1.30 L	222	22.34	0.86	-0.08	+6.20	19.25	302.50	1.00	-1.95	-0.08	-0.12	21.27	467	+22,500	3.50 L	Short buildup
Short covering	6.43 L	−31,500	99	22.00	0.83	-0.10	+5.05	17.10	305	1.30	-2.25	-0.09	-0.15	20.86	1,357	+90,000	14.55 L	Short buildup
Short covering	7.39 L	−99,000	180	20.33	0.81	-0.10	+4.50	14.75	307.50	1.60	-2.80	-0.10	-0.19	20.07	722	−2.02 L	4.59 L	Long unwinding
Short covering	10.46 L	−2.54 L	718	20.02	0.76	-0.11	+4.15	12.75	310	2.00	-3.25	-0.11	-0.23	19.40	2,926	−73,500	12.68 L	Long unwinding
Short covering	2.04 L	−1.06 L	197	19.65	0.71	-0.12	+3.65	10.85	312.50	2.60	-3.65	-0.12	-0.28	19.13	805	+27,000	3.84 L	Short buildup
Long buildup	25.92 L	+33,000	1,319	18.28	0.66	-0.12	+2.85	8.80	315	3.35	-4.15	-0.13	-0.34	18.90	2,368	+1.74 L	9.26 L	Short buildup
Short covering	2.22 L	−1.06 L	650	18.39	0.60	-0.13	+2.45	7.30	317.50	4.25	-4.65	-0.13	-0.40	18.67	925	+1.38 L	3.38 L	Short buildup
Short covering	29.11 L	−52,500	3,485	18.58	0.53	-0.13	+2.10	6.00	320	5.30	-5.00	-0.13	-0.47	18.38	2,478	+3.60 L	9.81 L	Short buildup
Long buildup	9.44 L	+3.73 L	2,478	18.19	0.45	-0.13	+1.60	4.70	322.50	6.55	-5.50	-0.13	-0.54	18.19	1,130	+4.68 L	4.79 L	Short buildup
Long buildup	30.48 L	+25.75 L	10,142	18.38	0.39	-0.13	+1.25	3.75	325	8.00	-5.45	-0.12	-0.61	18.07	2,176	+5.43 L	6.46 L	Short buildup
Long buildup	10.81 L	+9.64 L	2,819	18.36	0.32	-0.12	+0.90	2.90	327.50	9.60	-3.40	-0.11	-0.68	17.88	313	+1.17 L	1.17 L	Short buildup
Long buildup	17.61 L	+3.40 L	7,592	18.53	0.27	-0.11	+0.75	2.25	330	11.35	-9.20	-0.10	-0.74	17.64	379	+1.74 L	4.30 L	Short buildup
Long buildup	3.25 L	+2.71 L	603	18.59	0.21	-0.10	+0.45	1.70	332.50	13.15	-17.85	-0.08	-0.81	16.90	51	+28,500	30,000	Short buildup
Long buildup	17.04 L	+4.75 L	1,633	18.82	0.17	-0.09	+0.35	1.30	335	21.85	0.00	—	—	—	—	—	60,000	Neutral
Long buildup	87,000	+67,500	331	19.14	0.14	-0.08	+0.25	1.00	337.50	18.90	0.00	—	—	—	—	—	—	Neutral
Long buildup	15.16 L	+5.03 L	2,551	19.69	0.11	-0.07	+0.20	0.80	340	19.85	-6.80	-0.05	-0.91	17.92	120	+10,500	3.25 L	Short buildup
Short buildup	58,500	+58,500	102	19.88	0.09	-0.06	-1.40	0.60	342.50	22.25	0.00	—	—	—	—	—	—	Neutral
Long buildup	1.49 L	+64,500	305	20.60	0.07	-0.05	+0.05	0.50	345	41.00	0.00	—	—	—	—	—	9,000	Neutral
Long buildup	36,000	+33,000	36	21.09	0.06	-0.05	+0.10	0.40	347.50	33.85	0.00	—	—	—	—	—	1,500	Neutral
Neutral	5.61 L	+1.68 L	846	21.94	0.05	-0.04	0.00	0.35	350	27.50	-7.90	—	—	—	3	−1,500	1.38 L	Long unwinding
Long buildup	54,000	+37,500	55	24.01	0.04	-0.04	+0.05	0.30	355	41.60	0.00	—	—	—	—	—	12,000	Neutral
Long buildup	1.80 L	+84,000	104	25.81	0.03	-0.03	+0.05	0.25	360	37.50	-12.00	—	—	—	9	—	37,500	Neutral
Neutral	4,500	—	—	22.50	0.01	-0.01	0.00	0.15	365	60.40	0.00	—	—	—	—	—	4,500	Neutral
Long buildup	1.20 L	+43,500	45	28.39	0.02	-0.02	+0.05	0.15	370	54.75	0.00	—	—	—	—	—	27,000	Neutral
Neutral	57,000	—	—	22.49	0.00	-0.00	0.00	0.10	375	71.00	0.00	—	—	—	—	—	2.00 L	Neutral
Neutral	5.83 L	+19,500	33	38.95	0.01	-0.02	0.00	0.10	400	82.10	-1.90	-0.25	-0.88	72.70	1	−1,500	22.09 L	Neutral

Source: NSE F&O bhavcopy (EOD, official). Black-76 on the forward; IV from close (settle if untraded). Forward: put-call parity, median of 5 near-ATM strikes. Discounting at 6.14% (carry implied by 23 Nov → 29 Dec futures). Buildup labels describe price and open-interest changes only and are not advice. Spot: NSE F&O bhavcopy underlying price.