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Informist, Friday, Sept. 18, 2026

 

By Eshitva Prakash

 

MUMBAI – Traders wrote contracts across near-the-money strike prices on both sides of the options chain of the Nifty 50 index, indicating expectations of range-bound movement in the near term. A fall in oil prices has supported buying of beaten-down stocks, but further rise in the index remains contingent upon prices of crude oil and positive foreign funds flow, analysts said. Some traders exited their positions ahead of the weekend, as the war in West Asia shows no signs of winding down, posing an immediate upside risk for oil. 

 

Near-the-money put premiums declined more than those on call contracts, limiting downside for the 50-stock index and supporting hopes of a limited rise in the market. However, sellers also overpowered buyers on the call side towards the end of the session, as some traders decided to take profits rather than hold onto contracts before the weekend. Deep-out-of-the-money contracts came under larger selling pressure on accelerating theta decay.

 

Premiums of call contracts across 23400-24700 strike prices declined 11–40%. Premiums of low delta contracts across 23800-24000 strike prices declined up to 30%. Meanwhile, traders also sold contracts expiring later than Tuesday, albeit with lower intensity, indicating expectations of a rise in the near term. The highest call base at 23400 strike price indicates that the headline index will find support at this level. 

 

Premiums on put contracts across 23300-22800 strike prices slumped 40–50%. Further out-of-the-money contracts, particularly those below the critical support at 23000 points, declined sharply. The highest put base at 23300 strike price indicates support for the Nifty 50. 

 

"The Nifty 50 index formed a small positive candle with a higher high and higher low, indicating a constructive undertone and restricting further correction," Pabitro Mukherjee, deputy vice president-research at Bajaj Broking, said. A breach below the previous week's low of 23116 points will resume the corrective phase towards the major support zone of 23000–22800 points, but if the index manages to reclaim 23600 points, it could signal a pause in the ongoing downtrend, Mukherjee said.

 

On Friday, the Nifty 50 index ended at 23346.40 points, up 0.3% from Thursday. The Sensex ended at 74294.96 points, flat against the previous trading session. Central banks hiking rates across the world has also helped investor sentiment, analysts said, adding that these largely expected policy actions show a determined effort against inflationary pressure. A rise in shares of metal and crude oil-sensitive companies supported the Nifty 50, while a fall in information technology stocks weighed on it. A high interest rate regime squeezes discretionary spending among foreign firms, which raises concerns over new contract wins for domestic companies.  

 

At 1605 IST, Brent Crude oil traded at $102.98 per barrel, down 1.8% from Thursday. The value of the contract has dropped more than 5% over the last three days. Saudi Arabia is making additional crude oil shipments to Asian refiners through ship-to-ship transfers just outside the Strait of Hormuz near Oman's Sohar port, media reports said. This has helped allay fears of a steep decline in supply after an attack by Houthi militants forced the closure of a key pipeline. The war in West Asia, however, could lead to another sharp jump in oil prices and this correction is more of a geopolitical risk premium tapering off rather than a fundamental change in the energy market. 

 

--Nifty 50 September closed at 23380.00, up 46.60 points; 33.60-point premium to the spot index
--Nifty 50 October closed at 23480.00, up 38.00 points; 133.60-point premium to the spot index

--Nifty 50 November closed at 23570.00, up 23.80 points; 223.60-point premium to the spot index

 

HDFC Bank, Tata Consultancy Services, Bharti Airtel, Reliance Industries, Infosys, ICICI Bank, One 97 Communications, Adani Ports and Special Economic Zone, Laurus Labs, and Tata Motors Passenger Vehicles were the most actively traded underlying stocks on Friday.  End

 

US$1 = INR 95.87

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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