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Informist, Tuesday, Jun. 16, 2026

 

By Simran Rede

 

MUMBAI – Analysts expect the positive bias in the market to prevail in the coming sessions if there is no negative development in the West Asia situation. However, they do not expect any sharp rise in the Nifty 50 as the options data suggest the index will remain in a tight range of 50 points Wednesday.

 

The positive undertone for the market comes on the back of optimism around the agreement on a peace deal between the US and Iran, which has helped to ease concern over disruptions in global energy supplies. This has resulted in a drop in crude oil prices, which touched levels last seen in early March, just after the war started. At 1707 IST, the August futures contract of Brent crude oil was down 2.7% from the previous close at $80.91 per barrel on the Intercontinental Exchange.

 

Premiums on out-of-the-money put options fell almost 100%, suggesting a hope that the market will rise slightly Wednesday. Although the Nifty 50 has risen sharply in the past three sessions, it has faced strong resistance at 24000 points, which is seen as the immediate hurdle for the index.

 

The maximum addition and concentration of open interest were seen at the 24000 strike price on the call side. On the put side, the highest addition and concentration of open interest were at the 23950 strike price, indicating that the index is unlikely to fall below this level in the coming session.

 

While analysts expect the market to rise on the back of recent positive developments, they also see pockets of profit taking on every rise. Traders also sold call options at multiple strikes, showing some caution in the market. Premiums on call options that are 0.5-6.0% higher than the spot level fell 48-100%.

 

Following the rise in the market, analysts have changed their strategy to "buy-on-dips" from "sell-on-rise". They expect the Nifty 50 to face immediate resistance at 24000-24100 points. A move above this level could take the index to 24500 points. The 50-stock index will find support at 23800-23600 points. Tuesday, the Nifty 50 settled at 23989.15, up 135.25 points or 0.6%. The BSE Sensex ended at 76808.48, up 544.15 points or 0.7%.

 

--Nifty 50 June closed at 24007.00, up 90.40 points; 17.85-point premium to the spot index

--Nifty 50 July closed at 24093.00, up 83.10 points; 103.85-point premium to the spot index

--Nifty 50 August closed at 24200.00, up 93.10 points; 210.85-point premium to the spot index

 

Reliance Industries, Dixon Technologies (India), HDFC Bank, Infosys, ICICI Bank, Larsen & Toubro, Hindalco Industries, State Bank of India, Axis Bank, Suzlon Energy, BSE, and Adani Enterprises were the most actively traded underlying stocks Tuesday.  End

 

US$1 = INR 94.5600

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Rajeev Pai

 

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