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Informist, Tuesday, Apr. 21, 2026

By Anshul Choudhary

MUMBAI – Traders covered their short positions after the Nifty 50 index gained for the third straight session amid hope the US and Iran may extend the two-week ceasefire, which will end this week. The index closed above 24550 points after more than a month which pushed traders to reduce their short positions.

While there are mixed cues from the US and Iran about whether they will take part in peace talks, analysts said the recent gains in stocks suggest the market is convinced of the US and Iran extending the ceasefire. "(There is) a reasonable likelihood of an eventual de-escalation of US-Iran tensions and a gradual reopening of the Strait of Hormuz, despite recent headline volatility," Nomura said in a note, according to Dow Jones.

Traders sold put options across the board, indicating the Nifty 50 index is expected to hold on to most of the gains made in the recent sessions. However, the uncertainty around peace talks meant bulls kept their positions in check and sold out-of-the-money call options.

The Nifty 50 index has gained 1.6% in three sessions and closed at 24576.60 points on Tuesday. The index is now only 2% below the levels before the US-Iran war after rising 10% so far in April.

The highest open interest addition on the call side was at 25500-26000 strike prices, followed by 24500-25000 strike prices. Traders also covered their positions in in-the-money call options and bought call options below 25400 strike price.

"We are of the view that the short-term market texture is bullish, but due to temporary overbought conditions, some profit booking may occur at higher levels," Shrikant Chouhan, head of equity research at Kotak Securities, said in a note. Technical analysts expect the Nifty 50 to face resistance around 24700-24800 points.

On the put side, the highest open interest was at 24000 strike price and the level is likely to act as immediate support. The highest open interest addition was at 24500 strike price.

--Nifty 50 April closed at 24585.50, up 253.70 points; 8.90-point premium to the spot index

--Nifty 50 May closed at 24718.00, up 246.70 points; 141.40-point premium to the spot index

--Nifty 50 June closed at 24845.00, up 238.30 points; 268.40-point premium to the spot index

HDFC Bank, ICICI Bank, Nestle India, Reliance Industries, Kotak Mahindra Bank, Vedanta, JSW Steel, Aurobindo Pharma, State Bank of India, PNB Housing Finance, Trent, Infosys, Bharat Heavy Electricals, Tata Consultancy Services, and SBI Life Insurance were the most actively traded underlying stocks Tuesday.   End

Edited by Akul Nishant Akhoury

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