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Informist, Friday, Apr. 17, 2026

 

By Anshul Choudhary

 

MUMBAI – Traders covered short positions in the options market after the Nifty 50 defied weak global cues to close higher. Some traders also added long postions in call and put options, indicating that the index may continue to rise in the coming sessions.

 

Market participants have bought stocks this month largely on account of better valuations after the sharp fall in March. Better valuations could push investors to buy equities in the coming sessions, but positions show the index is expected to face selling pressure at higher levels.

 

Uncertainty around the US-Iran peace talks persists and it remains unclear whether the Strait of Hormuz will open for trade soon. This has pushed analysts to believe the market may move in a range amid the lack of fresh triggers.

 

"We are of the view that the short-term market texture is bullish, but a buy on dips and sell on rallies strategy would be suitable for traders," Amol Athawale, vice-president of technical research at Kotak Securities, said in a note. The Nifty 50 has gained more than 7% in two weeks after falling more than 11% in March. Friday, it closed at 24353.55 points, up 0.7%.

 

On the call side, traders covered their short positions in in-the-money contracts. However, they continued to sell call options above the 25100 strike price. The highest addition of open interest was at the 26500 strike price, followed by strike prices between 24600 and 25000 points. Technical analysts expect the Nifty 50 to face resistance around 24500-24800 points.

 

On the put side, traders sold contracts across the board. The highest addition of open interest was at the 24000-24300 strike prices. These levels are likely to act as support in the near term, indicating expectations of a limited fall in the index.

 

--Nifty 50 April closed at 24394.00, up 198.20 points; 40.45-point premium to the spot index

--Nifty 50 May closed at 24511.00, up 182.80 points; 157.45-point premium to the spot index

--Nifty 50 June closed at 24666.60, up 179.20 points; 313.05-point premium to the spot index

 

HDFC Bank, ICICI Bank, Wipro, BSE, Angel One, Reliance Industries, Titan Co., Multi Commodity Exchange of India, Infosys, State Bank of India, Adani Power, Bharat Heavy Electricals, Hindustan Unilever, Dixon Technologies (India), and Suzlon Energy were the most actively traded underlying stocks Friday.  End

 

Edited by Rajeev Pai

 

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