The Indian stock market traded higher on Tuesday, with the Sensex gaining 329.50 points (0.43%) to 76,593.83 and the Nifty 50 rising 73.15 points (0.31%) to 23,927.05. According to reports from Livemint, gains in realty, IT, FMCG, and energy sectors were offset by selling in metals, pharma and PSU banking stocks. Axis Securities has recommended a Bull Call Spread strategy for Nifty options contracts expiring on June 23, 2026, forecasting a moderately bullish view. The brokerage expects the trading range between 23,300 and 24,500 for the week.
In the options segment, the highest Nifty Open Interest (OI) on the Call side is at the 24,000 strike, followed by 23,900 which could act as resistance levels, as reported by Axis Securities. On the Put side, the highest OI is at 23,500 followed by 23,800 which may serve as support levels. The premium for the At-the-Money option is ₹396, indicating the likely trading range for the week. The Gift Nifty is trading at 23,954.50 with a premium of 0.27%, suggesting a positive opening for the next session.
According to Axis Securities, the recommended strategy involves buying 1 lot of Nifty 24,000 Call at ₹135-₹155 and selling 1 lot of Nifty 24,300 Call at ₹57-₹68. The break even point is 24,083, with the strategy designed for a moderately bullish outlook. The maximum potential risk for this Nifty options trading strategy is ₹5,395, whereas the potential maximum reward is ₹14,105. Traders are advised to enter and exit all legs together and square-off the strategy before the expiry session closes.
In the current session, Tata Consumer Products, HCL Technologies, Reliance Industries, Bajaj Finance and Hindustan Unilever were the top Nifty 50 gainers, as reported by Livemint. On the losing side, Hindalco Industries, Tata Motors Passenger Vehicles, JSW Steel, Tata Steel and HDFC Life Insurance Company were the top losers. The Bank Nifty index fell 87.35 points (0.15%) to 57,115.70, contrasting with the broader market gains.
