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Informist, Monday, Jul. 21, 2025

By Akash Mandal

MUMBAI – Options data show the Nifty 50 is unlikely to see significant gains in the upcoming sessions despite rising more than 100 points Monday. Traders added short bets and cut long bets between 25200 and 25700 call strikes, signifying limited upside in the near term. Analysts now expect the Nifty 50 to move in the range of 25000-25250 points this week.

While gains are seen capped, Monday's rise has raised hopes that any fall in the market will also be capped. Traders added long positions across put options with the highest addition of open interest in out-of-the-money puts between 24900 and 25100 strike prices, indicating the possibility of strong support at these levels.

On the call side, long unwinding was seen at the 25200 strike price, where open interest fell by over 1 million contracts. The maximum open interest during the session on the call side was at 26000 strike price, followed by 25100 strike price.

Data on in-the-money and at-the-money calls also suggest a fall in the market is likely to be capped. Traders added bullish bets at 25050-25150 strike prices. For in-the-money call options, open interest fell but premiums rose between 24200 and 25000 strike prices, suggesting that investors might have covered their short positions.

Monday, the 50-stock index ended at 25090.70 points, up 0.5%, with ICICI Bank and HDFC Bank doing most of the heavy lifting. Eternal also aided gains in the index. The stock ended 6% higher.

Traders added bullish bets across the board on the put side and sold call options across in-the-money strike prices between 25250 and 25900 strikes. However, analysts still believe the options data remain weak. 

"Today's rise was more because of ICICI Bank and HDFC Bank... options data is still negative, Nifty has resistance around 25260 spot levels and the put call ratio is still 0.86," Vipin Kumar, assistant vice-president and senior derivatives analyst at Globe Capital Market, said. "Today's rise was due to delta as well as short-covering effect," he said. 

--Nifty 50 Jul closed at 25139.70, up 107.40 points; 49.00-point premium to the spot index

--Nifty 50 Aug closed at 25233.00, up 95.60 points; 142.30-point premium to the spot index

--Nifty 50 Sep closed at 25387.00, up 94.90 points; 296.30-point premium to the spot index

Reliance Industries, HDFC Bank, ICICI Bank, Eternal, Axis Bank, L&T Finance, State Bank of India, IndusInd Bank, BSE, AU Small Finance Bank, UltraTech Cement, Dixon Technologies (India), Mahindra & Mahindra, Tata Consultancy Services, and Bharat Electronics were the most active underlying stocks Monday.  End

Edited by Rajeev Pai

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