This page tracks the BANK NIFTY Put Call Ratio (PCR) — total put open interest divided by total call open interest across the NSE BANK 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.
BANK NIFTY tracks the most heavily traded banking stocks and moves faster than the broad market, so its option data swings harder through the session. PCR is thin on its own, so it is worth reading next to the raw BANK 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.