Nifty 50 Traders Eye Bull Call Spread Options Strategy for 28 April Expiry
Indian Stock Market Bounces Back Ahead of F&O Expiry
The Indian stock market benchmark indices, Sensex and Nifty 50, are experiencing significant gains on Tuesday, 21 April, driven by widespread buying across various sectors. The Sensex is trading 635.21 points higher at 79,155.51, representing a 0.81% increase, while the Nifty 50 is up 166.45 points at 24,531.30, with a 0.68% rise.
Top Performers and Losers
The top gainers on the Nifty 50 index include Trent, Bajaj Finance, ICICI Bank, Asian Paints, and HCL Technologies. In contrast, SBI Life Insurance Company, Dr Reddy's Laboratories, Jio Financial Services, Bharat Electronics (BEL), and Shriram Finance are the top index losers.
Nifty Options Market Analysis
In the derivatives market, the highest Open Interest (OI) on the Call side is at the 24,500 strike, followed by 24,300, which could act as resistance levels. On the Put side, the highest OI is at 24,000, followed by 23,800, which may serve as support levels, according to Axis Securities.
| Strike Price | Call Side OI | Put Side OI |
|---|---|---|
| 24,500 | Highest | - |
| 24,300 | Second Highest | - |
| 24,000 | - | Highest |
| 23,800 | - | Second Highest |
The premium for the At-the-Money option is ₹592, indicating a likely trading range for the week between 23,600 and 24,900, as suggested by Axis Securities.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Nifty Options Strategy for 28 April 2026 Expiry
Axis Securities has recommended a Bull Call Spread strategy for Nifty options contracts expiring on 28 April 2026, forecasting a moderately bullish view. The strategy involves buying a call option with a strike price slightly lower than the current market price of the underlying asset, Nifty 50, and simultaneously selling another call option with a higher strike price (out-of-the-money), both with the same expiration date.
Strategy Details
- Buy 1 lot of Nifty 24,350 Call at ₹265 – ₹285
- Sell 1 lot of Nifty 24,700 Call at ₹125 – ₹145
- Break Even Point: 24,493
Risk-Reward Analysis
According to Axis Securities, the maximum potential risk for this Nifty options trading strategy is ₹9,295, whereas the potential maximum reward is ₹13,455. Traders may consider deploying this spread strategy to achieve moderate returns while maintaining controlled risk and reward.
Investor Takeaway
Investors may consider the bull call spread options strategy for the 28 April expiry.
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