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Informist, Wednesday, Jun. 10, 2026

 

By Gopika Balasubramanium

 

MUMBAI – On Wednesday, traders exited positions made earlier in call contracts of Nifty 50 and bought put options near the spot, indicating that the index will likely face selling pressure. While the bias remains positive, a sharp upside is unlikely, analysts said. Analysts expect the index to move within a range in the near term.

 

After remaining in the positive territory for the majority of the session, Nifty 50 gave up gains in the last hour of trade and settled slightly lower at 23214.95 points. The index has risen more than 180 points during the session. Analysts had said that the market bias would be bullish until the Nifty 50 held 23100 points.

 

"Buying interest is visible around the 23,000–23,100 zone, whereas overhead resistance is emerging from the declining short-term moving averages," Vatsal Bhuva, technical analyst at LKP Securities, said in a note. "Hence, a range-bound approach is preferred over a directional view," he added. The index is expected to move between 23000 points and 23550 points, with 23200 pegged as immediate support and 23450 as key resistance.

 

Traders aggressively wrote call contracts expiring next week, primarily at strike prices up to 24000. This indicates that the Nifty 50 will face selling pressure on any attempt to rise. However, they placed long bets on deep out-of-the-money contracts, indicating that a meaningful rise would occur in some time. At 23400 call, premiums fell by over 34%. The strike price saw an increase of 3 million short bets, with open interest over 6 million. The premium at the strike price was INR 93.80. 

 

At higher strike prices in call contracts, there was a widespread decline in premiums. Even at 23300, the premium fell nearly 31% to 132.95. However, further call contracts at strike prices such as 23900, 24000, and 24100, the premiums were scant. It was between INR 6 and INR 12. This indicates that there are not many expectations for such a sharp rise to these levels in the spot market.

 

In the options expiring next week, the largest increase in open interest was at the 23400-strike call. The highest concentration was in the call contract at the 24000-strike. 

 

On the put side, traders primarily bought out-of-the-money contracts, going short on the market. They bought options expiring next week at strike prices near the spot price, such as 23000, 23300, and 23400. Premiums at these strikes rose 23-27%. They also wrote put options at the 22500-point and 22800-point strike prices. Premiums here fell around 14?ch. The highest addition of open interest was at 22500 put, and the maximum concentration of open interest was at the 21200-strike

 

--Nifty 50 June closed at 23235.50, down 95.60 points; 20.55-point premium to the spot index

--Nifty 50 July closed at 23337.00, down 88.20 points; 122.05-point premium to the spot index

--Nifty 50 August closed at 23445.00, down 86.00 points; 230.05-point premium to the spot index

 

HDFC Bank, Reliance Industries, ICICI Bank, State Bank of India, Axis Bank, BSE, Infosys, One 97 Communications, Dixon Technologies (India), Tata Consultancy Services, Multi Commodity Exchange of India, Vodafone Idea, and Kotak Mahindra Bank were the most actively traded underlying stocks Wednesday.  End

 

Edited by Saji George Titus

 

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