- Bank Nifty rose 0.34% in Friday morning trade, reaching 57,689.30 at 10:21 a.m.
- Kotak Mahindra Bank, HDFC Bank, and Federal Bank led gains in the Bank Nifty index
- The 58,000 Call strike had the highest open interest among Calls at about 23.8 lakh contracts
Bank Nifty rose 0.34% in morning trade on Friday, with gains in Kotak Mahindra Bank, HDFC Bank and Federal Bank helping the index recover from an early low. At 10:21 a.m., the index was at 57,689.30, compared with the previous close of 57,495.90. It had touched an intraday high of 57,772.45 and a low of 57,481.55.
The move came even as derivatives positioning showed significant open interest in Bank Nifty options. The 58,000 Call had the highest Call open interest among the strikes shown, while the 57,000 Put had the largest Put open interest.
The options data also showed substantial additions in open interest across several strikes, indicating increased derivatives participation around the index.
58,000 Call Sees Highest OI
The 58,000 Call had open interest of about 23.8 lakh contracts, the highest among the Call strikes shown.
Other notable Call positions included:
- 57,600 Call: about 10 lakh contracts
- 57,000 Call: about 5.8 lakh contracts
- 57,700 Call: about 7.7 lakh contracts
- 58,500 Call: about 4.1 lakh contracts
On the Put side, the 57,000 strike had the highest open interest at about 17.3 lakh contracts.
The 57,600 Put had around 14.6 lakh contracts, while the 57,700 Put had about 7.7 lakh contracts.
Bank Nifty Futures OI Rises
Bank Nifty futures stood at 58,214.10, down 0.95%, according to the derivatives data. Futures open interest had increased 27.50% since the last expiry.
Call open interest had risen 159.90%, while Put open interest increased 152.38% over the same period. Total open interest across futures and options was up 144.22%.
The increase was spread across both sides of the options market. Bank Nifty had 8.02 lakh Call contracts and 8.08 lakh Put contracts in open interest in the data, while futures open interest stood at 81,388 contracts.
Private Banks Drive Morning Move
Among the major Bank Nifty constituents, Kotak Mahindra Bank led the gains, rising 1.46%.
HDFC Bank advanced 0.81%, while Federal Bank gained 0.69%. IDFC First Bank rose 0.44%, and ICICI Bank was up 0.35%.
The gains were partly offset by declines in select banking stocks. Punjab National Bank fell 1.33%, the biggest decline among the stocks shown. IndusInd Bank dropped 0.74%, while Bank of Baroda declined 0.29%. Axis Bank was marginally lower at 0.03%.
The intraday data showed Bank Nifty moving above its previous close soon after the opening, climbing towards 57,700 before easing from the day's high and then recovering to 57,689.30.
With the 58,000 Call carrying the largest Call open interest and the 57,000 Put holding the biggest Put position, those two strikes stand out in the current Bank Nifty options structure.
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