India’s Nifty 50 traded below 25,000 on Monday as weekly options approached expiry, putting a closely watched strike in focus after the index’s 8.58% rebound.
The benchmark closed Sunday’s special Muhurat trading session at 24,986.40, down 43.95 points from its Nov. 6 close of 25,030.35. The National Stock Exchange of India (NSE) scheduled the special session for Nov. 8.
In a Monday note updated at 1:03 a.m. ET (06:03 UTC), brokerage 5paisa placed the index near 24,932.90 and flagged new call positions around the 25,000 strike. Options interest shows where contracts are concentrated; it does not determine where the index will settle.
The Nifty had climbed from 23,053.10 on Oct. 30 to 25,030.35 on Nov. 6, a gain of 8.58%. The latter close was 12.85% above the index’s 52-week low of 22,179.90, which Mint reported was reached Oct. 8.
Brent futures fell over the same Oct. 30 to Nov. 6 period, from $117.64 to $98.32 a barrel, a 16.4% decline in Investing.com’s historical price series. Those figures do not establish how much, if any, of the Nifty’s gain was driven by the oil move. EconoTimes previously covered a three-session Nifty advance alongside lower Brent prices.
Nifty weekly options ordinarily expire Tuesday. Under NSE rules, a Tuesday holiday moves expiry to the preceding trading day. The exchange is closed Tuesday, Nov. 10, for Diwali Balipratipada, making Monday the expiry date. Its calendar lists Wednesday, Nov. 11, as the next regular trading session.
