Nifty May F&O expiry: Index may break 18,200, faces resistance at 18,350

Meanwhile, the Bank Nifty may witness a sharp fall if the index fails to sustain above 43,500 level.

NIFTY 

Bias: Neutral

Put-Call Ratio (PCR): 0.87

Despite the sharp volatility in the last two weeks, the NSE Nifty 50 index continues to hold a 2 per cent gain for the May series. 

The NSE Nifty 50 benchmark index slipped 1.2 per cent in the last two days, whereas the overall open interest (OI) in the May futures contract declined by nearly 10 per cent. This indicates, likely unwinding of long positions on the Nifty May futures.

Cues from Nifty options

Ahead of today's monthly expiry, the Nifty May series options PCR (Put-Call Ratio) stands at 0.87, indicating a fairly mixed bias