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Informist, Monday, Jun. 29, 2026

 

By Simran Rede

 

MUMBAI – The Nifty 50 may continue to consolidate in the range of 23800-24200 points in upcoming sessions with traders cautious on the fresh hostilities in West Asia, which pushed the price of crude oil higher Monday, though it was still in the $71-$73 per-barrel range. Traders unwound their long positions across both call and put options in the derivatives chain of the Nifty 50.

 

Analysts expect a substantial up move if the Nifty 50 rises above 24200 points. Caution prevailed in the market and was visible in the volatility gauge, India VIX, which rose 4.3% to 13.6100 Monday. Volatility is expected to remain high in the near term owing to the expiry of the monthly contract of Nifty 50 derivatives Tuesday, Rupak De, senior technical analyst at LKP Securities, said.

 

Premiums on out-of-the-money call and put contracts declined, indicating near-term range-bound movement of the index. However, more call contracts were sold than put contracts, with their premiums decreasing slightly more than on put options. Views of analysts on the market remain divided. Some expect the fundamentally positive bias to continue while others see a further fall in the market following Monday's profit taking.

 

"Until there is greater clarity on the durability of the ceasefire, geopolitical developments are expected to remain a key driver of global sentiment," Siddhartha Khemka, head of research, wealth management, at Motilal Oswal Financial Services, said in a note. As long as the 50-stock index holds the 23800-point support, the short-term trend remains constructive, according to technical analysts.

 

Traders sold many call contracts above the 24000-point strike. Buying was seen in select put contracts, likely for the purpose of hedging, analysts said. The maximum concentration of open interest remained at the 24000 call and put strikes. The highest addition of open interest was at the 24000 call and 23800 put strikes, indicating the immediate resistance and support for the index.  

 

The put options side indicated near-term bearishness, with premiums on multiple out-of-the-money put contracts falling. Traders bought very few in-the-money put contracts, but the premium on these contracts rose 5-25%, showing that traders are slightly optimistic and expect the index to rise in the near term.

 

--Nifty 50 June closed at 23971.00, down 131.30 points; 24.75-point premium to the spot index

--Nifty 50 July closed at 24046.30, down 124.20 points; 100.05-point premium to the spot index

--Nifty 50 August closed at 24157.00, down 116.30 points; 210.75-point premium to the spot index

 

HDFC Bank, ICICI Bank, Reliance Industries, Bharti Airtel, Infosys, Vodafone Idea, Tata Consultancy Services, Kotak Mahindra Bank, Bajaj Finance, State Bank of India, and Steel Authority of India were the most actively traded underlying stocks Monday.  End

 

US$1 = INR 94.5400

 

Edited by Rajeev Pai

 

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