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Informist, Thursday, May 14, 2026

 

By Gopika Balasubramanium

 

MUMBAI – While the medium-term sentiment in the market remains positive, volatility is expected to persistent in the coming days as there is no clear indication of an end to the war in West Asia. Traders covered their short positions in the options chain, helping the index close higher on Thursday. Traders bought near out-of-the-money call contracts and sold far out-of-the-money put options, indicating slight upside in the index in the near term. However, some derivative analysts also expect the traders to sell on every rise.         

 

The Nifty 50 closed at 23689.60 points, up 277 points or 1.2% on Thursday, ending higher for the second session in a row. The three futures contracts of the Nifty 50 also ended with over 1% gains. The index is expected to face strong resistance around 23800 points, and a close above this level will trigger further upside in the index. On the downside, some derivatives analysts expect the index to take support at 23400 points. 

 

The medium-term trend for the market is positive and there should be some buying at 24500, Bhavya Shah, technical and derivatives analyst at StoxBox, said. "I am bullish on the market for the rest of May and the PCR has improved to 0.7 from 0.5 previously," he added. From a technical perspective, the index has covered multiple support zones in the past few sessions and will continue to do so, Shah said. Support for Nifty 50 is between 23300 and 23400 points.

 

On Thursday, traders bought immediate out-of-the-money call contracts, indicating they are positioning for a slight upside in the index. But the quantum of addition of open interest in strike prices above 23700 call was less than 1 million. At the 23700 call, traders added 1.5 million contracts, with premiums rising a little over 64%. Beyond this strike price, the rise in premium ranged between 34% and 64%. The highest addition of calls as well as the highest concentration was at the 24500 strike price.

 

On the put side, traders sold contracts expiring next week at far out-of-the-money strike prices. Premiums on the 22000 put and 22500 put declined 74-77%. Traders added over 2 million contracts at the 22000 strike price, which was the maximum addition across the chain of put contracts. Traders also wrote puts at strikes above the spot level, such as 23700 and 23800, with premiums falling 51-55%. The highest addition of open interest was at the 23700 put, and the maximum concentration was at the 22000 put.

 

--Nifty 50 May closed at 23730.00, up 267.60 points; 40.40-point premium to the spot index

--Nifty 50 June closed at 23826.40, up 254.50 points; 136.80-point premium to the spot index

--Nifty 50 July closed at 23926.20, up 251.10 points; 236.30-point premium to the spot index

 

Bharti Airtel, Kaynes Technology India, HDFC Bank, Adani Enterprises, Hindustan Aeronautics, BSE, Multi Commodity Exchange of India, State Bank of India, and Coal India were the most actively traded underlying stocks Thursday.  End

 

Edited by Avishek Dutta

 

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