Informist, Friday, Jun 2, 2023
By Pradeep Suresh V
MUMBAI – The Nifty 50 index closed higher after two days at 18534.10 points as fears of a rate hike by the US Federal Reserve eased. This prompted several traders to sell both call and put options, as they expect range-bound movement next week.
The positioning of traders is scattered around the 18500-18600 range, said Mugilan K of Cholamandalam Securities. “I expect consolidation to take place in the 18500-18600 level next week,” he added.
The premium at call options of the 18600 strike price fell by 0.25 rupees to 66.30 rupees, but that at the 18500 strike price rose by 9.90 rupees to 124 rupees.
On the put side, the premium on the 18500 strike price fell by 38.90 rupees to 55 rupees. Open interest at this level stood the highest at 10.75 mln, with 5.2 mln new positions added today. The premium of the 18600 strike price fell 47.70 rupees to 97.55 rupees, with 3.7 mln new positions added today.
The Nifty Bank also rose marginally today, prompting traders to sell call options at the 44000 strike price. The premium of call options at this strike price fell by 20.15 rupees to 236.95 rupees, with the addition of 1.5 mln fresh contracts.
The June futures contract of the Nifty 50 closed at a premium of 98.9 points to the spot index today. Open interest in the contract rose 4.8% to 9.3 mln, as per provisional data.
–Nifty 50 Jun closed at 18633, up 63 points; 98.9-point premium to spot index
–Nifty 50 Jul closed at 18709, up 58.65 points; 174.9-point premium to spot index
–Nifty 50 Aug closed at 18789.85, up 53.75 points; 255.75-point premium to spot index
Today, HDFC Bank, Adani Enterprises, Hindustan Aeronautics, Reliance Industries, Axis Bank and ICICI Bank were among the most actively traded underlying stocks. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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Source: Cogencis
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