The Indian stock market showed signs of recovery with GIFT Nifty trading around 24,011, about 38 points above the previous close, indicating a positive opening for domestic equities. According to latest reports, this comes after Indian market benchmark indices closed lower on Monday as investors took profits after recent gains. The Sensex closed 372.10 points down at 76,728.37 while the Nifty 50 dropped 109.75 points to close at 23,946.25. The market weakness was attributed to mixed global cues and investor caution over US-Iran peace talks and rising crude oil prices. As per Univest analysis, Bank Nifty closed at 57,727.35 (-0.77%) on 29 June, marking a sharp pre-expiry selloff as both PSU Bank and Private Bank indices declined.
Among sectors, Nifty Auto, Nifty Realty and Nifty Pharma witnessed gains, while Nifty IT, Nifty FMCG, Nifty Metals and Nifty PSU Banks were under selling pressure. As reported by Livemint, Maruti Suzuki India, Titan Company, Bajaj Finance, Tata Motors Passenger Vehicles and Adani Ports & SEZ were the top gainers on the Nifty 50 index. Conversely, Eicher Motors, Tata Consumer Products, TCS, Infosys and Wipro were the top index losers. The divergent performance across sectors reflected selective investor interest amid market uncertainty. According to Univest analysis, Sun Pharma leads pharma sector momentum while HDFC Bank outperforms a weak banking pack on Monday metrics, with Tata Steel holding the metal sector's gains.
US equities closed sharply higher overnight, led by gains in technology stocks. The Dow Jones Industrial Average rose 306.63 points (0.59%) to finish at 52,182.74, while the S&P 500 climbed 1.18% to 7,440.43 and the Nasdaq Composite gained 2.07% to close at 25,820.14. Technology stocks contributed significantly to the rally, with Tesla rising 8.46%, Alphabet gaining 4.96%, Amazon advancing 3.20%, AMD climbing 3.43% and Nvidia adding 1.27%. Asian markets also traded largely in positive territory during early Tuesday trade, with Japan's Nikkei 225 advancing 0.29% and the Topix gaining 0.17%. However, investors continue to monitor developments surrounding US-Iran talks and crude oil prices, with Brent crude trading close to $72.40 per barrel and WTI at around $70.16 per barrel.
According to Axis Securities analysis reported by Livemint, the highest Nifty Open Interest (OI) on the Call side is at the 24,000 strike, followed by 24,100 which could act as resistance levels. On the Put side, the highest OI is at 23,500 followed by 24,000 which may serve as support levels. The premium for the At-the-Money option is ₹373, indicating a likely trading range for the week between 23,650 and 24,250. As per Univest analysis, the Put-Call Ratio for Bank Nifty options has moved below 0.90, indicating a build-up of put protection that limits the index's ability to sustain any rally toward 58,200. The India VIX at 13.56 is elevated from its recent low, meaning options premiums are expanding into the weekly expiry, which typically leads to wider intraday swings in Bank Nifty compared to other sessions.
Axis Securities has recommended a Bull Call Spread strategy for Nifty options contracts expiring on July 7, 2026, expecting a moderately bullish view. As detailed in the Livemint report, the strategy involves buying 1 lot of Nifty 24,000 Call at ₹160-₹180 and selling 1 lot of Nifty 24,300 Call at ₹55-₹75. The break even point is 24,108, with the maximum potential risk of ₹6,988 and maximum reward of ₹12,511. According to Univest analysis, the key battleground is at the 58,000 strike, which carries the largest open interest position for weekly expiry. The index must reclaim 58,000 in early trade on Tuesday for any expiry-day short-covering to materialise, with the 57,500 level as the next meaningful support. Kunal Singla advises traders to avoid holding large Bank Nifty option positions into the final 30 minutes of expiry, as settlement-related volatility can produce sharp and unpredictable moves.
