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Informist, Tuesday, Jun. 9, 2026

 

By Gopika Balasubramanium

 

MUMBAI – Traders covered their short bets made earlier in the options chain of the Nifty 50 on Tuesday, helping the index to maintain gains throughout the session. Traders made long bets on call options expiring next week, suggesting a likelihood of a near-term rise in the index. They also went long on the put side, writing contracts at far out-of-the-money strikes. Sentiment-wise, the halt in strikes by Iran and Israel helped. Gains in banking stocks also helped the index close higher.

 

Tuesday, the Nifty 50 index ended at 23242.10 points, up 119.10 points or 0.5%. After opening higher, the index briefly slipped into the red, but short-covering in the options chain helped it recover quickly and close higher. So far in June, the index has fallen 1.3%. 

 

As long as the Nifty 50 trades above 23100, the pullback formation is likely to continue, potentially moving towards 23400–23500 on the higher side, Shrikant Chouhan, head of equity research at Kotak Securities, said in a note. On the other hand, a decline below 23100 could weaken the positive trend and traders may prefer to exit long positions, he added.

 

In the options chain of the Nifty 50 expiring Tuesday, traders were most active in strike prices between 23200 and 23250. On the call side, traders wrote 18 million contracts at 23250. Meanwhile, on the put side, they wrote 25 million options at 23200. They covered short positions in call contracts at strike prices such as 23100, 23000, 23150, and 22900. On the put side, traders covered shorts at levels below the spot.   

 

Tuesday, traders bought contracts expiring next week immediately above the spot price, primarily with strike prices of 23300 and 23500, suggesting that the index will see some buying interest at this level. At these strike prices, premiums rose by 10-18%. At 23500 call expiring Jun. 16, traders opened new 2 million contracts and at 23300, they opened 1.6 million contracts. The 23200-strike call was also on demand, with about 1.7 million addition of open interest.

 

In the options expiring next week, the largest increase in open interest was at the 23500-strike call. The highest concentration was in the call contract at the 24000-strike. 

 

On the put side, traders primarily wrote deep out-of-the-money contracts, going long on the market. They wrote options expiring next week at strike prices far from the spot price, such as 22000, 22100, and 22500. Premiums at these strikes fell 69-73%. They also wrote put contracts at the 21200-point strike. The premium on this put option fell a little over 55%. The highest addition and the maximum concentration of open interest were at the 21200-strike.

 

--Nifty 50 June closed at 23347.00, up 172.40 points; 104.90-point premium to the spot index

--Nifty 50 July closed at 23431.00, up 158.60 points; 188.90-point premium to the spot index

--Nifty 50 August closed at 23544.00, up 161.80 points; 301.90-point premium to the spot index

 

HDFC Bank, State Bank of India, Reliance Industries, ICICI Bank, Vodafone Idea, Multi Commodity Exchange of India, BSE, Axis Bank, Federal Bank, Bank of Baroda, and Bharti Airtel were the most actively traded underlying stocks Tuesday.  End

 

Edited by Saji George Titus

 

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