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Informist, Friday, Jun. 19, 2026

By Simran Rede

MUMBAI - Traders added aggressive short bets to the derivatives chain of the Nifty 50 Tuesday as the index snapped a five-session rising streak. However, derivatives analysts continued to believe the index will rise next week and suggest a 'buy-on-dip' strategy as the bias remains bullish. The factors that could also determine the direction of the market are developments in global markets and the geopolitical situation in West Asia, crude oil movement, foreign fund flows, and movements in the domestic currency, analysts said.

The Nifty 50 index fell sharply Friday as investors booked profit from the 4% rise in the previous five sessions. A major sell-off  was seen in information technology stocks after IT giant Accenture trimmed its revenue guidance. Selling in these stocks pulled down the 50-stock index from the pre-open session, making it open with a gap down. 

Traders added short positions in the options chain of the Nifty 50 derivatives by selling options across the call side. They also bought some out-of-the-money put options, indicating a negative bias for the index. "Option data suggests 24000 as key level where both put and call writers are present," said Ashish Sherigar, technical and derivatives analyst at NVS Brokerage.

On Friday, the Nifty 50 closed 0.6% lower at 24013.10 points, ending below its psychologically important 24100 level. The near-term support for the index is seen at 23500 points and the resistance at 24200-24500 points, Sherigar said. The current put-call ratio is at 0.77, which suggests that the market is turning bullish from bearish, he said.

Analysts believe that if the Nifty 50 index continues to close above 24000-23900 points, then a positive bias will prevail. "Going ahead, bias remain positive and the index to extend the current up move gradually head towards the April high of 24600 in the coming weeks," Pabitro Mukherjee, deputy vice president of technical research at Bajaj Broking, said in a note.

The possibility of near-term gains was slightly hindered due to the rise in India VIX, the fear gauge, which closed almost 2.4% higher at 12.97. "India VIX declined 13% during the week to settle below 13, and any further moderation in volatility could provide additional support to the market's positive sentiment," Nilesh Jain, vice president-head of technical and derivative research at Centrum Finverse, said in a note. 

On the call side of the Nifty 50, premiums on out-of-the-money strikes 24050-24200 declined 48-60% and those on 23950 and 23850 put contracts increased 18-39%. The 25000 call and 24000 put strikes have the highest concentration of open interest. The maximum open interest addition was at 23500 put and 24000 call.

Traders also added short positions to the futures series of the Nifty 50. The June contract closed 0.5% lower at 24077 points and open interest increased just 1% to nearly 17 million. Similar was the case with the July series, as the contract ended 0.5% lower at the 24167.20 level and open interest rose over 18% to over 2 million contracts. 

In the Nifty 50 index, shares of Eternal and Bharti Airtel closed around 2% higher each and were the top gainers in the index amid broader weakness in the market. The rise following the announcement of the rebalancing of these stocks in the BSE Sensex, which will increase their weightage in the index. Due to this rebalancing, passive funds and exchange-traded funds tracking that index will buy these shares, which will increase the liquidity, temporarily pushing the stock price higher, Sherigar of NVS Brokerage said. 

Friday, the major sell-off in the IT sector was after Accenture lowered its upper end of the revenue growth guidance for 2025-26 (Sept-Aug) to 3-4% from 3-5% earlier in the constant currency. It also trimmed its revenue growth projections for the full financial year to 4–5%, compared with the earlier 4-6% guidance. This raised concerns over demand trends across the global technology sector.

The Nifty IT index closed 3.7% lower at 27426.85 points and is expected to find immediate support at 26180 points. "Volatility is likely to be high in the coming sessions ahead of the quarterly result session of the IT stocks," Mukherjee of Bajaj Broking said in a note. "Pricewise, there is still no sign of reversal of the corrective trend, hence, suggest to technically avoid at current levels," he added.

--Nifty 50 June closed at 24077.00, down 115.50 points; 63.90-point premium to the spot index

--Nifty 50 July closed at 24167.20, down 111.40 points; 154.10-point premium to the spot index

--Nifty 50 August closed at 24275.00, down 107.40 points; 261.90-point premium to the spot index

Infosys, Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, ICICI Bank, Amber Enterprises, Bharat Heavy Electricals, Wipro, Coforge, and State Bank of India were the most actively traded underlying stocks Friday.  End

Edited by Akul Nishant Akhoury

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