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Informist, Monday, Mar. 3, 2025

By Anshul Choudhary

MUMBAI – Traders added long positions and covered short positions in options contracts of Eicher Motors after the company reported higher-than-expected sales volume in February. Options data suggest the stock may recover to INR 5,000-INR 5,100 soon, indicating gains of 2-4% more.

Eicher Motors, which makes motorcycles under 'Royal Enfield' brand, said it sold 90,670 units in February, an increase of 19% on year. This was better than estimates by brokerages Nomura, Anand Rathi, and Nirmal Bang, who saw the sales rising 8-17%.

Considering the strong sales, traders bought call options and sold put options. For the call options expiring this month, the maximum open interest addition was seen at INR 5,050-INR 5,100 strike prices and the highest open interest was at INR 5,100 strike price. On the put side, strike price of INR 4,800 saw maximum addition of open interest and it also had the highest open interest, indicating a strong support for the stock. Shares of Eicher Motors closed at INR 4,906.60 on the National Stock Exchange, up 2.8%.

In the case of Nifty 50 contracts, traders sold call options and put options, indicating indecisiveness. A continuous fall for the ninth session Monday, which has pushed the Nifty 50 index to an oversold zone on the technical charts, has raised hopes of a pull-back. However, weak sentiment due to poor earnings growth and threat of tariffs by the US is making it difficult for market participants to predict the market's direction. The Nifty 50 Monday closed marginally lower at 22119.30 points.

For the index's contracts expiring this week, the highest open interest addition was at 22400 call options, followed by 23000-23100 levels. Analysts expect the Nifty 50 face resistance at 22300-22400 points. On the put side, the highest addition of open interest was at 21900 strike price and this level is likely to act as an immediate support if the index falls below the psychologically important level of 22000 points.

The March futures contract of the Nifty 50 closed at a premium of 147.70 points to the spot index. Open interest in the contract rose 2.3% to 18.32 million, according to provisional data.

--Nifty 50 Mar closed at 22267.00, down 13.05 points
--Nifty 50 Apr closed at 22413.00, down 18.45 points; 293.70-point premium to spot index

--Nifty 50 May closed at 22546.30, down 9.85 points; 427.00-point premium to spot index

Reliance Industries, HDFC Bank, BSE, Polycab India, Tata Consultancy Services, ICICI Bank, Adani Enterprises, Bajaj Finance, Dixon Technologies, Tata Motors, Mahindra & Mahindra, State Bank of India, and Bharat Electronics were the most active underlying stocks on the NSE.  End

Edited by Ashish Shirke

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