Put call ratio kya hai aur market sentiment kaise read karein — complete Hindi guide. PCR analysis, interpretation, trading strategy sab samjhein.
Published by The Retail Trader · AUG 13, 2026 · Features
Put call ratio kya hai aur market sentiment kaise read karein — complete Hindi guide. PCR analysis, interpretation, trading strategy sab samjhein.
Put Call Ratio ek sentiment indicator hai jo batata hai ki market mein puts zyada trade ho rahe hain ya calls. Ye market ka mood batata hai — bullish hai ya bearish.
PCR = Total Put OI / Total Call OI
PCR (Volume) = Total Put Volume / Total Call Volume
Ye paanch baatein dhyaan mein rakho:
• > 1.5 — Market Sentiment: Very Bullish, What It Means: Bahut zyada puts sell ho rahe hain → support strong
• 1.2-1.5 — Market Sentiment: Bullish, What It Means: Puts slightly zyada → market expect upar jaayega
• 0.8-1.2 — Market Sentiment: Neutral, What It Means: Balanced → koi clear direction nahi
• 0.5-0.8 — Market Sentiment: Bearish, What It Means: Calls zyada → resistance strong
• < 0.5 — Market Sentiment: Very Bearish, What It Means: Extreme call buying → market girega (ya already gir chuka hai)
Extreme PCR = Contrarian signal:
• PCR > 2.0 → Market ne bahut gira hai, sab bearish hain → BOTTOM near (BULLISH signal)
• PCR < 0.4 → Market bahut badha hai, sab bullish hain → TOP near (BEARISH signal)
Kyun? Jab sab ek direction mein bet karte hain, market opposite move karta hai. "When everyone is on one side, the boat tips."
Nifty Option Chain Analysis:
Ye paanch baatein dhyaan mein rakho:
• 20,500 — Call OI: 50,000, Put OI: 10,000
• 20,200 — Call OI: 80,000, Put OI: 20,000
• 20,000 — Call OI: 60,000, Put OI: 1,00,000
• 19,800 — Call OI: 30,000, Put OI: 70,000
• 19,500 — Call OI: 15,000, Put OI: 40,000
Total Call OI: 2,35,000 Total Put OI: 2,40,000
PCR = 2,40,000 / 2,35,000 = 1.02
Interpretation: Neutral to slightly bullish. Market balanced hai.
Setup:
• Nifty upar ja raha hai
• PCR bhi badh raha hai (puts badh rahe hain)
• Confirm: Bullish trend strong hai (put sellers supporting the rally)
Action: Hold long positions. Put sellers support de rahe hain.
Setup:
• Nifty upar ja raha hai
• PCR ghir raha hai (puts kam ho rahe hain, calls badh rahe hain)
• Signal: Rally weak ho raha hai, reversal possible
Action: Trailing stop loss tight karo. Profit booking consider karo.
Setup:
• PCR > 2.0 (extreme bearish sentiment)
• Market already bahut gira hai
• Signal: Bottom near. Sellers exhaust ho gaye.
Action: Watchlist mein quality stocks daalo. Reversal confirmation pe BUY.
Opposite:
• PCR < 0.4 (extreme bullish sentiment)
• Market already bahut badha hai
• Signal: Top near. Buyers exhaust ho gaye.
Action: Trailing stop loss. Profit booking. Fresh buying avoid.
Strategy 4: PCR + India VIX Combo:
• > 1.2 — VIX: < 15, Market State: Calm bullish, Strategy: Hold longs
• > 1.5 — VIX: > 20, Market State: Fearful but supported, Strategy: Strong buy signal
• < 0.8 — VIX: < 15, Market State: Complacent bearish, Strategy: Caution
• < 0.5 — VIX: > 25, Market State: Panic + bearish, Strategy: Strong contrarian buy
• > 2.0 — VIX: > 30, Market State: Extreme fear, Strategy: Bottom signal
Ye chaar baatein dhyaan mein rakho:
• Option chain dekho (stock ya index)
• Total put OI aur call OI calculate karo
• PCR nikalo
• Previous PCR ke saath compare karo (trend)
Pro tip: PCR ka 5-day moving average banao. Trend zyada clear dikhega.
PCR ek sentiment indicator hai — direction nahi batata. Price action, RSI, volume — sab confirm karo.
PCR > 2.0 = bottom signal, lekin bottom kab aayega koi nahi jaanta. Wait for price confirmation.
PCR OI-based hai. OI data lag hota hai (15-30 min delay). Intraday PCR pe trade karna risky hai.
Nifty PCR aur Bank Nifty PCR alag levels pe hote hain. Dono ko separately analyze karo.
Ye baatein dhyaan mein rakho:
• 📌 PCR QUICK REFERENCE
• LEVELS:
• 📊 > 1.5 = Very Bullish (strong support)
• 📊 1.2-1.5 = Bullish
• 📊 0.8-1.2 = Neutral
• 📊 0.5-0.8 = Bearish
• 📊 < 0.5 = Very Bearish (strong resistance)
• CONTRARIAN:
• 📊 > 2.0 = Extreme → BOTTOM signal (buy)
• 📊 < 0.4 = Extreme → TOP signal (sell)
• STRATEGIES:
• ✅ Rising PCR + Rising Market = Strong uptrend (hold)
• ✅ Falling PCR + Rising Market = Weak rally (caution)
• ✅ Extreme PCR = Contrarian (reversal expected)
• ✅ PCR + VIX combo = Strongest signals
• AVOID:
• ⚠️ PCR alone use mat karo
• ⚠️ Intraday PCR pe trade mat karo (OI data delayed)
• ⚠️ Extreme PCR pe turant contrarian mat bano (wait for confirmation)
Ye paanch baatein dhyaan mein rakho:
• Option Chain Kaise Padhein?
• Implied Volatility Kya Hai?
• Option Greeks Kya Hain?
• India VIX Kya Hai?
• F&O Expiry Kaise Kaam Karta Hai?
The Retail Trader — educational market analysis. Not investment advice.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.