**Analytical Report on the Current State of the Nifty Market**

**1. Introduction:**
The purpose of this report is to analyze the current state of the Nifty market using the provided data and make predictions regarding its potential direction. The report will cover various factors including Nifty value, PCR ratio, option open interest, option chain, Max Pain, oscillators, moving average, and support and resistance levels.

**2. Nifty Value and PCR:**
On May 18, the Nifty value stood at 18,129.95. The PCR (Put Call Ratio) was 0.75, which indicates that the number of open put contracts was lower than the number of open call contracts. A PCR ratio below 1 suggests a bullish sentiment in the market.

**3. Option Open Interest:**
a. Total Calls OI: 43M
b. Call OI Change: 20M
c. Total Puts OI: 36M
d. Put OI Change: 12M

The data shows that there is a higher open interest in call options compared to put options. The significant increase in call OI suggests a positive sentiment among market participants. However, the increase in put OI also indicates a degree of caution. Overall, the option open interest data suggests a balanced sentiment with a slight bias towards bullishness.

**4. Option Chain:**
a. CALL SIDE IN THE MONEY STRIKE OI: SHORT BUILD UP
b. CALL SIDE OUT OF THE MONEY STRIKE OI: SHORT BUILD UP
c. PUT SIDE IN THE MONEY STRIKE: LONG BUILD UP
d. PUT SIDE OUT OF THE MONEY STRIKE OI: SHORT BUILD UP

In the option chain, there is a short build-up of open interest on both in-the-money and out-of-the-money call strikes. This implies that market participants are anticipating a decrease in the Nifty index. Conversely, there is a long build-up of open interest on in-the-money put strikes, indicating a bullish sentiment for the Nifty index. Additionally, there is a short build-up on out-of-the-money put strikes, further reinforcing the overall bullish sentiment.

**5. Max Pain:**
The Max Pain level is calculated based on the open interest in call and put options and represents the price at which the maximum number of options contracts would expire worthless. The Max Pain level on May 18 was 18,200. This suggests that market participants may have an interest in keeping the Nifty index below this level. However, it is important to note that Max Pain levels should be considered as one factor among many when assessing market direction.

**6. Oscillators and Moving Average:**
a. Oscillators: 1 bullish, 5 neutral, 4 bearish
b. Moving Average: 2 bullish, 2 neutral, 13 bearish

The oscillators and moving average provide insights into the momentum and trend of the market. With one bullish oscillator signal and two bullish moving average signals, there is a moderate positive indication. However, the majority of the signals from both the oscillators and moving average are either neutral or bearish, suggesting a cautious stance.

**7. Support and Resistance Levels:**
Based on chart analysis, the strong resistance levels for the Nifty index are identified at 18,209 and 18,345. These levels represent areas where selling pressure may increase, potentially limiting upward movements. On the other hand, strong support levels are observed at 18,040 and 17,760. These levels may act as a cushion for the index in case of a downward movement.

**8. Conclusion:**
In conclusion, the analysis of the provided data suggests a mixed sentiment in the Nifty market. While the option open interest shows a slight bullish bias, the short build-up in the option chain and the majority of bearish signals from oscillators and moving averages indicate a degree of caution. The Max Pain level at 18,200 further adds to the potential resistance. However, it is important to consider other market factors and conduct further analysis before making any trading decisions.