F&O Manual: Nifty consolidates, all-time high still elusive

The weekly options data for the next series shows straddled trades at 18,80, which is a neutral strategy. Along with put and call activity at 18,700, the expectations is that the index will move in a narrow range

Shubham Raj

June 15, 2023 / 12:11 IST

Among individual stocks, traders were seen clamouring to take bullish positions in L&T Financial Holdings, followed by Godrej Properties, and IDFC First Bank.

After a couple of days of buying, the market consolidated on June 15, prolonging the wait for the benchmarks to recapture their all-time high levels. Though the US Federal Reserve left the rates unchanged, it left the window open for rate hikes for the remaining year in case inflation remains sticky, impacting the mood on Dalal Street.

At 11.25 am, the Nifty was trading 0.09 percent or 17.50 points down at 8,738.40. Bank Nifty declined 0.29 percent to 43,859.95.

The weekly options data for the next series shows straddle trades at 18,800, which is a neutral strategy. Along with both put and call activity at 18,700, expectations are that the index will move in a narrow range. For the weekly expiry, unwinding was seen in-the-money as well as out-of-the-money strike.

Bars reflect change in OI during the day. Red bars show call option OI and green put option OI.

“With uncertainty over policy rates hanging around, the market may remain choppy with strong bouts of intra-day volatility, even as selective buying would continue as an ongoing theme,” said Prashanth Tapse, Senior VP (Research), Mehta Equities. “Technically, the markets may rally only after crossing above the all-time high level of 18,888, while the make-or-break support for the Nifty is seen at the 18,553 mark.”