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Informist, Thursday, Jul. 2, 2026

 

By Gopika Balasubramanium

 

MUMBAI – The bias in the market is positive and the Nifty 50 index is expected to rise in the near term, but an extensive rise is unlikely, the options chain showed. While traders bought call contracts near the spot level, they also sold fresh contracts at near-out-of-the-money contracts, which is likely to prevent a larger rise in the index. Meanwhile, activity in put options also showed that the index is slated to rise slightly, with traders going long on out-of-the-money strikes. 

 

The Nifty 50 rose by 169.85 points or 0.7% to close at 24175.70 points. Analysts had said it was important for the index to cross the hurdle of 24100 points to see a further rise. Now, the index needs to close above 24260-24270 points to be able to continue its upward trajectory. The Nifty 50 is expected to take support at 24000 points, derivatives analysts said. Traders covered their short bets in the 24000-strike call earlier in the day, alongside at-the-money strikes, helping the index to close higher.

 

The put-call ratio has also improved substantially to 1.32, indicating that investors are expected to buy on dips, Vipin Kumaar, assistant vice-president, technical and derivatives, at Globe Capital Market, said. The index is expected to remain in a range. A close above 24260 points will attract buying interest, he said. The support is seen at 24000 points. 

 

Traders bought call options expiring Tuesday immediately above the spot level, indicating that the market is positive. Premiums at such strike prices were considerably higher. That said, the index saw the maximum number of long bets placed at the 24400 strike price, with the premium rising 19%. It saw an addition of 2.5 million new contracts. Next, traders sold the 24500 and 24600 call contracts, but the premiums were relatively cheap, between INR 6 and INR 15. While the addition in open interest was relatively less at the 24200 and 24250 srike prices, the premiums were somewhere between INR 83 and INR 107. This indicates that buying interest may come in for levels above these.

 

"The current PCR (put-call ratio) stands at 1.32, which has been consistently rising and continues to indicate bullish sentiment in the market," Ashish Sherigar, technical analyst at NVS Brokerage, said. "Based on the current derivatives data, market sentiment remains bullish with a potential upside towards 24500," he said. However, a decisive break below 24000 points could trigger profit sales and lead to a sharp downward move, he added.

 

Meanwhile, traders continued to write put contracts during the session, with bets placed primarily around the spot level, helping the index to inch higher. Even here, traders sought the contracts near the spot level and the most addition of open interest was seen at the 24100 strike. Premiums of the contract fell 60% to INR 71.95. The premiums here were for near-out-of-the-money put contracts, ranging from INR 71-INR 100. This indicates that buying interest may come in at such strikes.

 

--Nifty 50 July closed at 24270.10, up 177.50 points; 94.40-point premium to the spot index

--Nifty 50 August closed at 24355.00, up 159.80 points; 179.40-point premium to the spot index

--Nifty 50 September closed at 24515.00, up 163.20 points; 339.30-point premium to the spot index

 

Infosys, ICICI Bank, HDFC Bank, Tata Consultancy Services, Adani Enterprises, Bank of Baroda, BSE, Dixon Technologies (India), Larsen & Toubro, Persistent Systems, Multi Commodity Exchange of India, and State Bank of India were the most actively traded underlying stocks Thursday.  End

 

Edited by Rajeev Pai

 

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