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Informist, Tuesday, Jun. 30, 2026

 

By Gopika Balasubramanium

 

MUMBAI – The near-term outlook for the Nifty 50 remained weak, with the index expected to move in a narrow range as traders sold similar quantities of call and put options expiring next Tuesday. The index remained volatile throughout the session and closed lower for a second straight session.

 

While concerns over elevated crude oil prices and uncertainty surrounding the war in West Asia have eased, the progress of the Southwest monsoon remains a key factor to watch, as El Nio risks persist, analysts said. A largely stable rupee has improved the medium-term outlook for the Indian equity market, with foreign portfolio investment outflows tapering off.

 

On Tuesday, the Nifty 50 index closed at 23865.75 points, down 80.50 points or 0.3%. The index remained in a range of over 200 points throughout the session. In June, the index has risen 1.4%, as expected in an Informist Poll for the month. 

 

"Going ahead, the immediate support for Nifty is placed in the 23730-23700 zone," Sudeep Shah, head, technical and derivatives research at SBI Securities, said in a note. "Any sustainable move below this zone could result in Nifty (50) extending its weakness towards 23550, followed by 23400 in the short term," he added. On the upside, the immediate resistance for Nifty 50 is at 24020-24050 points.

 

Traders wrote call options expiring next week at most strike prices, betting for a slight fall in the index. The bearish bets were predominantly concentrated at the strike price of 24000 call. Traders closed sold 4 million contracts at the strike price, and the premiums fell 15%. The premium for the contract was INR 149.85. They sold new call contracts at higher strikes, such as 24300 and 24500, and the premiums fell by 28-33%. The highest concentration of open interest, as well as maximum addition, was at the 24000 call. 

 

Traders wrote put contracts expiring Jul. 7 at strike prices such as 23300-23400, and the premiums fell around 38-44%. The premiums were higher in the 23900-strike put and the 24000-strike put at INR 126.35 and INR 173.60, respectively. Even deep-in-the-money put contracts, such as 24300 and 24500, had premiums of INR 371.80 and INR 542.50, respectively, indicating a likelihood of a rise. The highest addition of open interest was at the 23300-strike put. The maximum concentration of open interest was at 24000 put.

 

--Nifty 50 June closed at 23864.30, down 108.60 points; 1.45-point discount to the spot index

--Nifty 50 July closed at 24040.70, up 3.00 points; 174.95-point premium to the spot index

--Nifty 50 August closed at 24150.00, up 7.70 points; 284.25-point premium to the spot index

 

HDFC Bank, Reliance Industries, ICICI Bank, Infosys, Vodafone Idea, Maruti Suzuki India, Tata Consultancy Services, State Bank of India, Bharti Airtel, ITC, Axis Bank, and Adani Enterprises were the most actively traded underlying stocks Tuesday.  End

 

Edited by Saji George Titus

 

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