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Informist, Monday, Jun. 8, 2026

By Gopika Balasubramanium

MUMBAI – Traders added bearish bets in the options chain of the Nifty 50, dragging the index to close 1% lower Monday. In the first session of the week, traders turned significantly negative amid an escalation in the military conflict in West Asia, subsequent rise in crude oil prices, and unwinding of the artificial intelligence technology trade. Traders wrote call options at strike prices above the spot level while buying substantial quantities of put options below the spot price.

The Nifty 50 ended at 23123.00 points, down 243.70 points or 1%. The index opened lower and stayed in the red, failing see any intraday recovery as risk-off sentiment rose. The domestic market's fear gauge, India VIX, surged around 8% to end at 17.0275. Technical analysts now expect the index to find support at 23100-23000 points and face resistance at 23500 points. Derivatives analysts expect the weekly options contracts of the Nifty 50 to expire between 23000 and 23300 strike prices.

"If it (the Nifty 50) opens below 23100 and comes back above this level, then it is expected to expire between 23100-23250," Ashish Sherigar, technical and derivatives analyst at NVS Brokerage, said. If the index stays below 23100 points, then the expiry may take place at 22900-22800 points, he said.

"The underlying trend of Nifty (50) is weak and a decisive move below the support 23100 could open more weakness down to 22700 levels in quick period of time," Nagaraj Shetti, technical and derivatives analyst at HDFC Securities, said in a note. According to Shetti, the immediate resistance for the index is at 23250 points.

Monday, traders wrote call contracts expiring Tuesday just above the spot price, especially at strike prices between 23300 and 23500 points, suggesting that the index will face selling pressure at every 100-point rise. At these strike prices, premiums fell more sharply, by 80-92%. Traders cut short an average of 5.5 million contracts at these strike prices. The largest increase in open interest was at the 23200-strike call. The highest concentration was in the call contract at the 24000-point strike.

On the put side, traders primarily bought out-of-the-money contracts at the 23100-point strike. The premium at this strike price surged over 158%. While traders added positions at extreme out-of-the-money put contracts at 22000 points, they also wrote put contracts at the 22400-point strike. The premium at the 22400 put fell 24% while that at the 22000 put climbed 120%. At subsequent out-of-the-money put contracts at srikes such as 22800, 22700, and 22950 points, premiums jumped 60-135%. The highest addition of open interest was seen at the 23100-strike put and the maximum concentration was at the 22500 put.

--Nifty 50 June closed at 23147.10, down 304.60 points; 24.10-point premium to the spot index

--Nifty 50 July closed at 23240.00, down 302.30 points; 117.00-point premium to the spot index

--Nifty 50 August closed at 23366.00, down 281.90 points; 243.00-point premium to the spot index

Reliance Industries, HDFC Bank, BSE, State Bank of India, Wipro, Tata Consultancy Services, Multi Commodity Exchange of India, Infosys, ICICI Bank, Federal Bank, and Adani Enterprises were the most actively traded underlying stocks Monday.  End

Edited by Rajeev Pai

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