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Informist, Monday, Jun. 1, 2026

 

By Gopika Balasubramanium

 

MUMBAI – Traders exited positions built on the call side of options during Monday's session, and bought put contracts, deepening the bearish sentiment in the market. Options traders have braced themselves for further fall in the Nifty 50, with expectations of Tuesday's expiry at 23200-23300 strike price. Technical analysts expect traders to sell at every attempt the headline index makes to rise. 

 

On Monday, the Nifty 50 ended at 23382.60 points, down 165.15 points or 0.7%. The index saw a gap-up opening, but gave up gains and ended substantially lower. The index fell a total 189.80 points during Monday's session. Technical analysts expect the index to find support at 23200-23350 points and face resistance at 23500-23600 points. "We believe that the short-term texture of the market is weak, but due to temporary oversold conditions, we could expect a technical bounce back from the current levels," said Shrikant Chouhan, head – equity research at Kotak Securities.

 

Traders aggressively wrote call options expiring Tuesday at most strike prices, betting for a fall in the index. The bearish bets were predominantly concentrated at strike prices such as 23500 call and 23600 call. Traders closed 8.5-7.6 million contracts in these strike prices and the premiums fell 82-87%. This indicates that there would be selling pressure at levels immediately above the spot. At the 23600-strike call, the premium was INR 27, falling over 87% during the day. The strike price also saw the highest increase in open interest. The highest concentration of open interest was at the 25000 call. 

 

Traders bought out-of-the-money put contracts expiring Tuesday at strike prices such as 23400-23350 and the premiums rose 23-74%. At 23400 put expiring Tuesday, premiums jumped around 90%, indicating a likelihood of the index reaching that level. At 23350 put and 23300 put, premiums rose 25-47%, indicating more bearish bets in the options chain. The highest addition of open interest was seen at the 23400-strike put. The maximum concentration of open interest was unchanged from last week at the 23000 put.

 

--Nifty 50 June closed at 23459.90, down 288.90 points; 77.30-point discount to the spot index

--Nifty 50 July closed at 23560.00, down 249.60 points; 177.40-point premium to the spot index

--Nifty 50 August closed at 23654.60, down 298.40 points; 272.00-point premium to the spot index

 

Bharti Airtel, Coal India, Infosys, HDFC Bank, BSE, Wipro, Tata Consultancy Services, Multi Commodity Exchange of India, InterGlobe Aviation, Reliance Industries, Asian Paints, and Mahindra & Mahindra were the most actively traded underlying stocks on Monday.  End

 

Edited by Avishek Dutta

 

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