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Informist, Tuesday, Apr. 28, 2026

 

By Gopika Balasubramanium

 

MUMBAI – Derivatives analysts expect the Nifty 50 to be under pressure in the near term, with traders writing call options across the board and buying select put options near the spot. The index is expected to see more upside only if it stays above the 24000 level, analysts said. Crude oil prices above $100 a barrel is a huge worry for the market, as it raises concerns about inflation and economic slowdown, analysts said. Uncertainty about the peace talks between the US and Iran and the Strait of Hormuz remaining closed will continue to affect market sentiment, analysts said.

 

In the spot market, the Nifty 50 ended down 97 points or 0.4% at 23995.70 points. The index had opened slightly lower, briefly reversed losses, but was down for rest of the session. The market is still weak and there can be more downside unless the Nifty 50 stays above 24000 points, said Ashish Sherigar, senior technical and derivatives analyst.

 

Traders wrote call options expiring on May 5 across the board but the open interest was higher, especially near the extreme out-of-the-money strikes, considering it is a fresh series. Traders usually open contracts at strike prices far from the spot, so as to hedge against the volatility in the market. On the put side, they wrote put contracts expiring next week, buying select options at in-the-money strikes alongside.

 

Premiums on out-of-the-money call options expiring next week fell 51-57%, while those on the immediate out-of-the-money strikes fell over 34-40%. On the put side, traders sold contracts at extreme out-of-the-money strikes between 22000-23000 and their premiums declined 36-42%, indicating less likelihood of the index falling to those levels. But, traders bought in-the-money put contracts, at strikes such as 24000, 24150, and 24050, indicating that the 50-stock index would undergo pressure at the current levels. The premiums only showed a namesake rise.

 

The highest concentration of call contracts expiring next week was at 25000, followed by 26000. On the put side, the concentration was at 23000 strike. The maximum addition in open interest was 25000-call and 23000-put contracts.

 

--Nifty 50 May closed at 24081.10, down 128.60 points; 85.40-point premium to the spot index

--Nifty 50 June closed at 24210.00, down 118.80 points; 214.30-point premium to the spot index

 

Reliance Industries, HDFC Bank, Eternal, ICICI Bank, State Bank of India, Vodafone Idea, Infosys, Adani Enterprises, Bharti Airtel, Axis Bank, Maruti Suzuki India, Bajaj Finance, ITC, Oil and Natural Gas Corp., BSE, NTPC, Tata Consultancy Services, and Bharat Electricals were the most actively traded underlying stocks Tuesday.  End

 

US$1 = INR 94.54 

 

Edited by Ashish Shirke

 

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