If the index continues to stay above the 14,500 level for some time, it could create jitters among the 14,500 Call writers and some short covering would be seen.   

On the Options' front, 14,400 Put options have seen a massive addition of open interest in today’s session of nearly 20 lakh shares. Meanwhile, on the Call option side, the strike of 14,500 has seen an open interest reduction of nearly 3 lakh shares.   

Short built-up was seen on Nifty, Bank Nifty, and Fin Nifty Futures, which were down by 3.59 per cent, 5.45 per cent, and 4.57 per cent, respectively while open interest went up by 4.61 per cent, 21.40 per cent, and 15.70 per cent, respectively.   

On the stock-specific front, National Fertilizers Limited (NFL) and Rashtriya Chemicals & Fertilizers Limited (RCF) have logged double-digit gains in the initial hour of trade along with a massive jump in volumes.   

The shares of graphite electrode makers, HEG Ltd and Graphite India Ltd were also in the limelight as both the stocks recorded a new 52-week high on NSE. HEG zoomed by 12 per cent while Graphite inched higher by 7 per cent.

The advance-decline ratio is quite strong, and all the sectoral indices were trading in green with Nifty Metal and Nifty Pharma being the top gainers.  On the Options’ front, the Put addition is seen in Nifty on 14,500 PE and 14,600 PE by 9.4 lakhs and 9.65 lakhs, respectively. 

Cues from the global markets: Dow Jones Futures was up by 196 points or 0.59 per cent.  

Global cues: Nasdaq Futures is up by 0.85 per cent while Dow Jones Futures is up by 0.10 per cent. Meanwhile, the US 10-year bond yield cooled off by 1.61 per cent, quoting around 1.71.

Interestingly, 22 stocks from the Futures segment have seen open is equal to low. It includes stocks such as Tata Power, Godrej Properties, SBIN, Bank of Baroda, Glenmark, etc.  

On the way up, Nifty has reclaimed its 50-DMA and is trading near the day’s high. With this, it is on its way to record best gains in percentage terms since March 03, 2021.