- Nifty 50 options show largest positions at 24,000 and 24,100 strikes by 9:45 a.m
- Put open interest clustered near 24,000 with calls concentrated at 24,100 and above
- Traders added downside protection with puts while writing calls to limit upside gains
Nifty 50 derivatives traders built the largest visible positions around the 24,000 and 24,100 strikes by 9:45 a.m. on Wednesday, signalling that the two levels had become the key reference points for the opening phase of trade, data available on NSE showed.
The options chain showed sizeable put open interest at 24,000 and nearby strikes, while call open interest remained concentrated at 24,100, 24,500 and higher levels. That placed immediate support near the lower band of the range while leaving resistance stacked above spot levels.
The early set-up matters because heavy open interest often shows where traders expect price action to slow, reverse or remain contained during the session. When positions gather tightly around a narrow band, the market can trade around those levels until fresh triggers emerge.
Open interest change data also pointed to active repositioning rather than passive carry-forward trades. Fresh call additions were visible at strikes above 24,100, while put additions appeared around 24,000, 23,900 and nearby levels. That combination suggested traders were adding downside protection while still writing calls higher up to limit upside expectations in the near term.
The broader distribution of positions showed traders had not abandoned lower support zones. Put interest was spread across 23,500, 23,600, 23,800 and 24,000 strikes, indicating layered support below the main spot zone. On the upside, call positions extended through 24,200, 24,500, 25,000 and 25,100, showing where sellers expected rallies to face supply.
The structure pointed to a market balancing risk after recent weakness rather than pricing in a sharp one-way move at the open. A sustained move below the 24,000 put base can force traders to add more hedges and shift support lower. A move above the heaviest call strikes can trigger covering by call writers and reopen higher levels.
For now, early derivatives activity suggested the first battle for Wednesday's session sat between 24,000 and 24,100, with traders using those strikes to frame risk and opportunity, according to NSE data at 9:45 a.m.
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