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Informist, Wednesday, Jan. 28, 2026

 

By Simran Rede

 

MUMBAI – Traders wrote put as well as call contracts at multiple strikes Wednesday, indicating a rangebound movement of the Nifty 50 in the near term. While the Nifty 50 is not expected to log significant gains or losses, market participants expect indices to be volatile in the coming sessions ahead of the Union Budget for 2026-27 (Apr-Mar), due Sunday.

 

The Nifty 50 closed at 25342.75 points, up 167.35 points or 0.7%. The immediate resistance for the index is pegged at 25500 points and support at 24900 points, Vipin Kumaar, derivatives and technical analyst at Globe Capital Market, said. Premiums across out-of-the-money call and put options expiring Tuesday tumbled, indicating that traders were unsure about the market's direction for the next few trading sessions. Analysts said the market has factored in most of the positives, including the optimism around the latest free trade agreement between India and the European Union announced Tuesday.

 

Traders added short positions on the call side, with out-of-the-money premiums falling around 24-28?ross strikes between 26000 and 26400 contracts expiring next week, while its open interest rose. The highest open interest concentration and the maximum addition of open interest was at 26000 strike each. On the put side, the 25300-point contract had the highest open interest addition and maximum concentration was at 25000 strike. Premiums on 25000-23300 contracts expiring next week declined 43-49%. 

 

Bulls were slightly buoyed by hopes of India diversifying its trade with other nations, which analysts believe is positive in the long run amid prevailing US tariffs. However, poor corporate earnings growth, persistent selling by foreign investors, depreciating rupee, and delay in the India-US trade deal continue to impact market sentiment. Moreover, while rates are expected to remain unchanged, the focus will be firmly on the US Federal Reserve's statement and forward guidance on future rate cuts when it announces its latest monetary policy later Wednesday. 

 

Analysts do not expect any surprise announcement in the upcoming Budget. "We expect the Budget to be a low-impact event for Indian equities. Growth stimulus is already in play and the space for further positive impulses is limited," Emkay Global said in a strategy report Wednesday.

 

--Nifty 50 February closed at 25456.00, up 73.40 points; 113.25-point premium to the spot index

--Nifty 50 March closed at 25624.40, up 55.10 points; 281.65-point premium to the spot index

--Nifty 50 April closed at 25777.10, up 210.20 points; 434.35-point premium to the spot index

 

Bharat Electronics, Maruti Suzuki, Hindustan Zinc, Vedanta, Multi Commodity Exchange of India, HDFC Bank, Axis Bank, Eternal, Hindalco Industries, ICICI Bank, Reliance Industries, TVS Motor Co., State Bank of India, Hindustan Aeronautics, Oil and Natural Gas Corp., Asian Paints, and National Aluminium Co. were the most actively traded underlying stocks Wednesday.  End

 

Edited by Tanima Banerjee

 

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