Informist, Thursday, Jul 13, 2023

By Akshata Gorde

MUMBAI – There was aggressive buying and selling at 19500 strike price on both call and put side of the Nifty 50 contracts expiring Jul 20. Some selling was also seen at 19300 strike price on the put side, indicating a rangebound movement in the near term, said analysts.

Analysts find support for Nifty 50 at 19300 points and see resistance at the crucial level of 19500 points. Today, the Nifty 50 closed 0.2% higher at 19413.75 points, after hitting a new historical high of 19567.00 points during the day.

"Nifty's failed attempt to break out from the 19300-19550 zone indicates further consolidation ahead. However, the prevailing buoyancy in the global markets, especially x`the US, would help in keeping the tone positive," Ajit Mishra, senior vice-president of technical research at Religare Broking.

Echoing similar thoughts, an analyst at Motilal Oswal Financial Services Ltd said the market may remain in consolidation mode in the near term even as the overall bias remains positive.

Premiums of 19500 strike price on the call side rose by 2% to 76.25 rupees. It also had the highest open interest addition as well as total open interest. On the put side, the premium of 19500 strike price fell 22.3% to 105 rupees with the highest open interest addition of 5.6 mln. 

Call writing was seen at 20000, 20200, and 20400 strike prices of Nifty 50 contracts expiring on Jul 20, as the index failed to sustain over 19500 points in the spot market today. Premiums at these call options fell by 12-25% to 3.30 rupees, 2.35 rupees, and 1.80 rupees, respectively. 

Provisional data showed open interest in the July futures contract of the Nifty 50 rose by 4.5% to 10.61 mln.

--Nifty 50 Jul closed at 19498, up 36.70 points; 84.25-point premium to spot index

--Nifty 50 Aug closed at 19599, up 38.80 points; 185.25-point premium to spot index

--Nifty 50 Sep closed at 19701.25, up 33.05 points; 287.50-point premium to spot index

HDFC Bank, Federal Bank, Reliance Industries, Tata Consultancy Services, HCL Technologies, State Bank of India, ICICI Bank, Infosys, and Bank of Baroda were among the most actively traded underlying stocks.  End

Edited by Manisha Baxla

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