Nifty 15,300 CE option sees huge addition of OI; Dr Lal PathLabs 2500 & 2600 CE strikes give multifold returns!
Indian markets opened lower on Wednesday and as they progressed, selling pressure exuberated with Nifty slipping below its prior bar low. However, the benchmark indices have recouped the bulk of their losses, aided by a strong move in State Bank of India (SBI) and Reliance Industries. SBI was up by 2.83 per cent while Reliance Industries gained 0.81 per cent.
On the sectoral front, Nifty PSU Bank had jumped nearly 6 per cent, followed by Nifty Media, which was up by 2 per cent. On the other hand, defensive sectors like Nifty Pharma and Nifty IT were down by 0.89 per cent and 0.88 per cent, respectively.
The level of 15,300 is likely to act as an immediate resistance as the 15,300 Call option has witnessed the maximum change in open interest. The 15,300 Call option has added 19,84,800 in open interest today. However, the maximum open interest concentration stands at 15,400 Call option. Another interesting point worth observing is that there was a higher amount of Call writing being done as compared to Put writing taking place in the index.
The stock-specific action continues as 18 stocks of Nifty 500 have logged a fresh all-time high in today’s session with Dr Lal PathLabs soaring nearly 10 per cent, followed by Adani Total Gas, Linde India, Adani Transmission, and Adani Ports.
Dr Lal Path Labs 25 Feb Call option of 2500 and 2600 strike price has risen 614 per cent and 366.75 per cent, respectively. In the future segment, we have seen a staggering 42 per cent addition in the open interest. Another stock, whose options have turned multi-bagger is Adani Port. Adani Port’s Call option of 670, 680 and 690 strike prices have soared 110 per cent, 119.85 per cent and 118.52 per cent, respectively.
Overall, the stock-specific action is likely to continue with 15,300, which may act as an immediate resistance in the index.