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Informist, Thursday, Apr. 30, 2026

By Gopika Balasubramanium

MUMBAI – The Nifty 50 is likely to be see a selling pressure next week as investors added short positions, especially in the call contracts, so as to hedge against the uncertainty in West Asia war as well as the rising crude oil prices, alongside rupee hitting record low. Derivatives analysts said a sharp rise in the index can be expected only if there is a resolution to the war in West Asia.

Analysts said there are concerns among market participants on crude prices staying elevated, which pose risks of higher inflation for economies worldwide. Analysts said the companies that use crude oil and crude oil derivatives will see sharp rise in input costs, with major impact during the June quarter, if the blockade of Strait of Hormuz persists. The immediate impact can be seen in oil marketers and automobile makers, they said. 

The Nifty 50 settled 0.7% lower at 23997.55 points. During the day, the index had fallen 380 points to 23796.85 points. The index closed 0.4% higher on a week-on-week basis. Further, analysts expect the stock-specific movements will take precedence in the market in the coming weeks. Some analysts also said that the March quarter earnings were largely in line with expectations.      

Traders wrote out-of-the-money call options expiring next week, indicating that the index may face downward pressure in the near term. They added most short bets at 24000 call, suggesting it will be difficult for the index to cross and sustain the level in the near term. Meanwhile, on the put side, traders bought contracts across the board, suggesting a bearish outlook for the Nifty 50 in the near-term. They sold extreme out-of-the-money put contracts at strikes such as 22800 and 22000. 

Premiums on immediate out-of-the-money call options expiring next week fell 22-30%, while those on the in-the-money strikes fell 21-25%. On the put side, traders bought contracts at out-of-the-money strikes such as 23200-23500, with premiums rising 15-20%. The highest concentration of call contracts expiring next week was 24000. On the put side, the concentration was at 23200 strike. The maximum addition in open interest was 25000-call and 23000-put contracts.

--Nifty 50 May closed at 24136.70, down 115.30 points; 139.15-point premium to the spot index

--Nifty 50 June closed at 24244.40, down 135.10 points; 246.85-point premium to the spot index

--Nifty 50 July closed at 24362.70, down 165.70 points; 365.15-point premium to the spot index

Bajaj Finance, Reliance Industries, Hindustan Unilever, Waaree Energies, HDFC Bank, Bajaj Auto, Adani Ports and Special Economic Zone, Kotak Mahindra Bank, ICICI Bank, ITC, State Bank of India, Cholamandalam Investment and Finance Co., Bharti Airtel, Axis Bank, National Aluminium Co., Eternal, Infosys, Adani Energy Solutions, and Adani Power were the most actively traded underlying stocks Thursday.  End

Edited by Akul Nishant Akhoury

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