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Informist, Tuesday, Jun. 24, 2025

By Anjana Therese Antony

MUMBAI – Traders added fewer bullish bets to the options chain of the Nifty 50 as geopolitical tension in the West Asia persisted, after Iran allegedly violated ceasefire agreement with Israel. The market came sharply off highs and closed slightly higher even though Iran denied claims that it had violated the ceasefire. Premiums on out-of-the-money call options close to the Nifty 50 spot level rose marginally, while those on put options across strike prices declined.

"This volatility is likely to persist until we get some clear hints about ease (in conflict) between the two countries," a senior vice president of derivatives at a domestic broking firm said. Even if the Nifty 50 crosses 25300 points, it is unlikely to remain above this level in the near term unless there is a positive update about the tension in West Asia, the analyst said. "If Iran has really violated (ceasefire), then it is possible that this matter may not get settled anytime soon," the analyst added.

India's benchmark stock indices, which rose over 1% intraday, came off highs and closed marginally higher. The Nifty 50 closed 0.3% higher at 25044.35 points and the BSE Sensex ended 0.2% higher at 82055.11 points. The near-term support for the 50-stock index is pegged at 25000-24950 points and resistance at 25150-25300 points. 

Premiums on 25100-25500 call options expiring Thursday increased 7-97% while those on 25100-24700 put contracts declined 42-70%. The highest addition of open interest was at 25200 call as well as put strikes. The maximum concentration of open interest was at 26000-point call and 25000-point put options. 

Allegations about Iran violating the ceasefire came hours after US President Donald Trump announced that both the West Asian countries have agreed for a ceasefire. Iranian and Israeli media reported new air strikes on Iran. Israeli army radio said Israel had struck an Iranian radar site near Tehran, Reuters reported. Trump said both Israel and Iran violated the ceasefire and he was really unhappy with Israel, asking the country to stop dropping bombs and to "Bring your pilots home, now!" 

As the near-term outlook about the conflict between the two countries as well as US' next policies around the matter looks hazy, traders have refrained from making aggressive bets in the domestic market. What came as a relief amid all these is the cooler crude oil price which fell below $69 per barrel Tuesday after crossing above $80 per barrel the previous day. At 1801 IST, the Brent crude oil August contract traded on the Intercontinental Exchange was down 4.2% at $68.48 per barrel. 

--Nifty 50 Jun closed at 25090.00, up 96.70 points; 45.65-point premium to the spot index

--Nifty 50 Jul closed at 25201.00, up 98.70 points; 156.65-point premium to the spot index

--Nifty 50 Aug closed at 25308.80, up 101.50 points; 264.45-point premium to the spot index

HDFC Bank, Reliance Industries, ICICI Bank, Infosys, Bharti Airtel, Axis Bank, Mahindra & Mahindra, Bajaj Finance, State Bank of India, Larsen & Toubro, Tata Consultancy Services, Tata Motors, Eternal, NTPC,InterGlobe Aviation, Kotak Mahindra Bank, Bharat Electronics, and Hindustan Aeronautics were the most active underlying stocks Tuesday.  End

Edited by Akul Nishant Akhoury

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