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Informist, Wednesday, Jul. 1, 2026

          

By Gopika Balasubramanium

 

MUMBAI – Traders locked more positions near the spot levels in the options chain, indicating that the movement of the Nifty 50 index is likely to be limited in a small range. Traders bought call options near the spot while selling at all other strike prices. On the put side, they wrote options across the board, but the premium for strike prices near the spot level were particularly high, indicating that they were most sought after.

 

Wednesday, the Nifty 50 closed at 24005.85 points, up 140.90 points or 0.6%. The index moved in a range of around 150 points during the session. Analysts expect the index to continue to be in a narrow range in the near term, with a largely positive outlook. Market sentiment has improved after the concern about high crude oil prices eased with the war in West Asia appearing to head towards a peaceful resolution.

 

"In terms of levels, the 24100–24200 band remains an immediate hurdle, followed by a stronger resistance zone in the 24350–24450 band," Hitesh Rathi, technical analyst, equity and derivatives, at Angel One, said in a note. "On the downside, immediate support is placed in the 23850–23800 band...," he added.

 

Traders bought call options expiring next week near the spot levels. While the premiums were high, the quantum of rise in premiums was not significant. The 24000-strike call saw the highest addition and concentration of open interest. The premium of this call contract was INR 152.85 after rising over 9% from Tuesday. Traders added more than 4 million fresh contracts at this strike price.

 

Call contracts at strike prices such as 23950, 24050, 24100, and 24150 also saw buying interest from traders. Premiums of these call contracts ranged between INR 84 and INR 182. This indicates that the bias in the market is broadly positive and a substantial fall is not expected. They sold fresh call contracts expiring next week at deep out-of-the-money strikes such as 25000, 24600, amd 24750, ruling out the possibility of a substantial rise in the coming sessions.

 

Meanwhile, on the put side, traders wrote contracts expiring next week at most strike prices. Even here, traders sought the 24000-strike put the most, followed by contracts at strike prices such as 23900 and 24050. The premiums here were higher, ranging from INR 90 to INR 153. This indicates that the index is likely to remain near these levels. Traders also sold put options at deep out-of-the-money strikes such as 23000 and 22800. The highest concentration and addition of put contracts was at the 24000 strike price. As many as 6 million new contracts were sold at this strike.

 

--Nifty 50 July closed at 24082.00, up 72.90 points; 76.15-point premium to the spot index

--Nifty 50 August closed at 24181.00, up 69.10 points; 175.15-point premium to the spot index

--Nifty 50 September closed at 24349.50, up 112.00 points; 343.65-point premium to the spot index

 

Maruti Suzuki India, Multi Commodity Exchange of India, Adani Enterprises, Eternal, HDFC Bank, Infosys, Ashok Leyland, KPIT Technologies, Reliance Industries, and Tata Consultancy Services were the most actively traded underlying stocks Wednesday.  End

 

Edited by Rajeev Pai

 

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