Equity Futures
Nifty 50 seen range-bound as near-the-money positions rise
This story was originally published at 16:32 IST on 23 September 2026
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By Eshitva Prakash
MUMBAI – Option sellers built positions near the closing level of the Nifty 50 index, indicating at range-bound movement in the near term. While open interest at near-the-money call options declined slightly from intraday highs, resistance has not weakened enough to support a sharp rise in the headline index from current levels, analysts said. Whipsawing crude oil prices have reduced risk appetite among traders, leading to limited directional bets.
Traders purchased near-the-money call options across 23450-23550 strike prices. Premium at the 23500 strike price rose over 6% to INR 82.80 and premium at the 23550 strike rose 1.6% to INR 61.75. Further out-of-the-money contracts were sold despite low theta decay, indicating limited hope of a rise in the near term. Premiums across 23600–24000 strike prices declined 20–30%. Open interest at the 24000 strike price rose to 15.61 million, and at the 23500 strike price, it rose to 10.46 million. Over a million contracts were net added to the 23500 strike price, moderating from the day's highs as traders exited selling positions.
On the other side of the options chain, maximum positions were at the 23000 strike price, with over 3 million contracts added Wednesday. The premium on the 23000 put contract declined over 50%. The next big open interest build-up was at the 23400 strike price, rising nearly 6 million contracts to 11 million. Premium of the contract declined nearly 41%. High open interest at 23500 on the call side and at 23400 on the put side indicates a narrow range for the Nifty 50.
On Wednesday, the Nifty 50 ended at 23446.80 points, up 0.5% from Tuesday. Sharp gains in metal stocks and select index heavyweights helped the index recover from Tuesday's decline. Meanwhile, shares of information technology companies continued to be a drag on the 50-stock index. A fall in stocks of select public sector also limited the gains. After a positive open, the Nifty 50 moved in a narrow range. On technical charts on a daily timeframe, the index has formed a small bullish candle, Shrikant Chouhan, head equity research at Kotak Securities, said. The current market texture is non-directional and traders are likely waiting for a breakout on either side, Chouhan said in a note.
"Early gains (in the headline indices) reflect improving global sentiment, softer crude prices, and easing concerns around US-Iran tensions, although sustained FII (foreign institutional investor) selling remains a key overhang," Vikram Kasat, chief business officer – advisory and dealing, at PL Capital said. Going forward, investors should focus on earnings, global yields, and crude movements, while maintaining a staggered approach and avoiding aggressive positioning amid elevated volatility, the analyst suggested.
At 1615 IST, the November futures contract of Brent Crude oil traded 0.2% lower at $99.05 per barrel on the Intercontinental Exchange. At its intraday high, the contract's price had risen almost 0.8% from Tuesday. The price of the contract is now down for the sixth straight session, but prices have been volatile on their way down, deterring long bets.
--Nifty 50 September closed at 23455.00, up 60.40 points; 8.20-point premium to the spot index
--Nifty 50 October closed at 23559.20, up 57.60 points; 112.40-point premium to the spot index
--Nifty 50 November closed at 23665.00, up 62.50 points; 218.20-point premium to the spot index
HDFC Bank, Reliance Industries, Bandhan Bank, Bharti Airtel, Tata Steel, Hindalco Industries, Vodafone Idea, Infosys, JSW Steel, and ICICI Bank were the most actively traded underlying stocks on Wednesday. End
US$1 = INR 95.74
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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