This page tracks the NIFTY Put Call Ratio (PCR) — total put open interest divided by total call open interest across the NSE NIFTY option chain. It is a positioning gauge rather than a price signal: a PCR above 1 means more puts than calls are open, which reads as bearish at face value and as contrarian-bullish at extremes; a PCR below 1 leans the other way. What matters more than the level is the direction of travel through the session, read against the index price on the same chart.
NIFTY is the NSE benchmark of 50 large-cap stocks and carries the deepest option liquidity in India, so its chain is usually the cleanest place to read positioning. PCR is thin on its own, so it is worth reading next to the raw NIFTY open interest, the max pain strike and the full option chain — all linked above. The chart on this page updates live from the option chain during market hours; nothing on it is a recommendation.