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Informist, Friday, Apr. 10, 2026

 

By Simran Rede

 

MUMBAI – As the Nifty 50 logged its sharpest weekly gain in five years, rising almost 6%, traders turned optimistic and added further long positions in the derivatives contract of the index. The market rose Friday as traders covered short positions in in-the-money call options, ahead of the expiry of the weekly contract Monday. Capital markets are shut Tuesday for Ambedkar Jayanti.

 

Premiums on deep out-of-the-money call options were still down, indicating the prevalence of caution on the uncertain nature of the US-Iran ceasefire and the proposed Israel-Lebanon peace talks. However, call buying at certain strikes suggested a further rise in the index Monday. Analysts expect the market to remain volatile on the day of expiry. It will also react to developments in or relating to West Asia over the weekend.

 

The maximum addition of open interest on the call side was seen at the 24500-point strike price, where the premium rose nearly 14%. The maximum addition of open interest on the put side was at the 24000-point strike, where the premium fell over 61%. Premiums on call options that are around 4% higher than the spot price fell 14-21% while those on contracts just 1% higher than the spot level rose 22-38%.

 

Friday, the Nifty 50 and the BSE Sensex closed 1.2% higher at 24050.60 points and 77550.25 points, respectively. At the lower end, support is placed at 23450-23100 points, below which sentiment may weaken, derivative analysts said. On the upside, resistance is seen at 24100 points. A rise above this level may take the index towards 24300-24700 points, they said.

 

Market participants will keep a close eye on further developments relating to West Asia over the weekend. They will also monitor crude oil prices, which are likely to be volatile if hostilities resume. At 1658 IST, the June futures contract of Brent Crude on the Intercontinental Exchange was up 0.3% at $96.19 per barrel.

 

The market will also continue to track developments in the Ukraine-Russia war after the countries agreed to a 32-hour Orthodox Easter ceasefire. Russia's Defence Minister Andrei Belousov has instructed Chief of the General Staff Valery Gerasimov to halt military operations during the period, Al Jazeera reported. Russian forces, however, would remain ready to respond to any violations, according to the report.

 

--Nifty 50 April closed at 24110.00, up 248.70 points; 59.40-point premium to the spot index

--Nifty 50 May closed at 24229.00, up 239.90 points; 178.40-point premium to the spot index

--Nifty 50 June closed at 24376.00, up 223.30 points; 325.40-point premium to the spot index

 

Tata Consultancy Services, Infosys, ICICI Bank, HDFC Bank, Reliance Industries, Wipro, BSE, State Bank of India, Sun Pharmaceutical Industries, Dixon Technologies (India), Axis Bank, Coal India, Multi Commodity Exchange of India, Ashok Leyland, Larsen & Toubro, Shriram Finance, National Aluminium Co., and Vedanta were the most actively traded underlying stocks Friday.  End

 

Edited by Rajeev Pai

 

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