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Informist, Tuesday, Jun. 2, 2026

 

By Gopika Balasubramanium

 

MUMBAI – The Nifty 50 recovered in the second half of the session and remained in positive territory until the end, as options traders covered their short positions built via put contracts expiring Tuesday. While bears bought in-the-money call options expiring next week, bulls sold out-of-the-money put contracts at similar levels, indicating the index is expected to move in a thin range in the near-term. 

 

"The broader market structure continues to remain range-bound, and a decisive move above 23700 could trigger further upward momentum," Nilesh Jain, technical and derivative analyst at Centrum Finverse Ltd., said in a note. The index is likely to find support at 23230 points and face resistance at 23690 points, he added. 

 

On Tuesday, the Nifty 50 ended at 23483.55 points, up 100.95 points or 0.4%. The index moved within a range of 23556.95 to 23229.15 points during the day. Derivatives analysts had expected the contracts expiring Tuesday at strike prices between 23200 and 23300. One derivative analyst had said the contracts would expire at 23250-23600 strike prices. In the contracts expiring Tuesday, options traders were most active in 23450-23500 strike prices on both sides. At 23500 call, the total open interest was around 47 million, and at 23450 put, the open interest was at 17 million.

 

On Tuesday, traders bought call contracts expiring next week below the spot price, while selling those at higher levels, indicating a rather bearish outlook for the index. At 23300 call and 23500 call, both expiring next week, traders added around 2-3 million contracts, suggesting downside for the index. At these strike prices, the premiums rose 12-14%. The premium on the 23300 call expiring Jun. 9 was INR 361.10.

 

Meanwhile, traders also cut their positions in far-out-of-the-money contracts such as the 23800, 24000, and 25000 calls. The premium on the 23800 call fell by 2%, while that on the 24000 call halved. The largest increase in open interest was in the 23300 call, and the highest concentration was in the 24000 call. 

 

Meanwhile, on the put side, traders wrote out-of-the-money contracts expiring next week at strike prices such as 23300-23400, and their premiums fell over 45-49%. Traders cut back their positions at extreme out-of-the-money put contracts with strike prices 21100 and 22500, ruling out the possibility of such a sharp fall in the index. They wrote put options at 23000 strike and their premium fell around 60%. The highest addition of open interest and the maximum concentration were at the 23300-strike put.

 

--Nifty 50 June closed at 23605.00, up 143.00 points; 121.45-point premium to the spot index

--Nifty 50 July closed at 23708.30, up 139.80 points; 224.75-point premium to the spot index

--Nifty 50 August closed at 23800.00, up 131.40 points; 316.45-point premium to the spot index

 

Infosys, Tata Consultancy Services, HDFC Bank, Reliance Industries, BSE, ICICI Bank, NHPC, Multi Commodity Exchange of India, Coal India, Bajaj Finance, and Coforge were the most actively traded underlying stocks on Tuesday.  End

 

Edited by Saji George Titus

 

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