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Nifty Futures: 23,047.4 (1.2%), Bank Nifty Futures: 55,194.6 (1.2%).

Benchmark indices unleashed a massive broad-based relief rally on Thursday, aggressively shedding the pre-Federal Reserve paralysis that had previously stalled capital flows. A vital softening in global petroleum prices sparked intense institutional purchasing across the banking, real estate, and consumer goods sectors. The Nifty Futures advanced 269.4 points as Open Interest contracted by 1.4 percent (down 2.50 lakh shares to 171.16 lakh), signalling an explosive Short Covering squeeze. Bank Nifty Futures mirrored this ferocious upside, surging 645.6 points alongside a 4.1 percent Open Interest reduction (down 1.02 lakh shares to 23.82 lakh), confirming parallel Short Covering. This sudden bullish onslaught triggered a dramatic collapse in the fear gauge; the volatility index plummeted over 7% to settle at 15.12, forcing total capitulation among downside option writers who previously anticipated a severe macroeconomic shock. Concurrently, derivative carry margins expanded; the Nifty premium widened to 111 points from 79 points, while the Bank Nifty basis grew marginally to 285 points from 282 points. Weekly options desks established ceiling resistance at 23,200 and foundational support at 22,650, witnessing aggressive Call unwinding at the 22,700 and 22,800 strikes.

Global Movers:

US benchmark indices closed lower on Thursday, heavily dragged down by a severe tech selloff as investors aggressively reassessed the costs associated with artificial intelligence infrastructure. The tech rout was mainly driven by Alphabet’s 12.6% stock plunge, its worst single-day fall since listing, following the disclosure of over $51 billion in quarterly capital expenditures and negative free cash flow, which rattled investors. The Nasdaq Composite plunged 1.4% (26,185), Dow Jones fell 0.25% (52,348) and the S&P 500 dropped 0.30% (7,720), though broader market breadth showed underlying resilience. Brent crude oil retreated marginally to close at $114.50 per barrel, on prospects for renewed peace negotiations in the Middle East—following outreach efforts from the US to Iranian officials.

Stock Futures:

JSW Energy (JSWENERGY) surged 6.6% on Short Covering, shedding 1,429 contracts to contract futures open interest by 5.5% to 24,511. Institutional buyers aggressively rewarded strong physical execution, highlighted by a 17% YoY increase in net power generation to 17.5 billion units. Its thermal portfolio achieved a highly robust 75% PLF (outperforming the 67.8% industry average), while renewable generation grew 21% on the back of new capacity additions. The futures premium expanded by 4.1 points to 6.75. A sharply rising Put-Call Ratio (PCR) from 0.84 to 1.13 confirms robust option flooring and short capitulation, backed by 2,079 new puts written against just 471 calls.

Adani Ports (ADANIPORTS) rallied 6.1% via Short Covering, with derivative open interest edging down 0.7% to 30,859 contracts after shedding 218. The stock was buoyed by exceptional operational leverage, with overall Q2 EBITDA growing 23% YoY. The street heavily rewarded both domestic resilience (13% revenue jump with a best-in-class 72.5% EBITDA margin) and global execution, as international ports revenue skyrocketed 71% YoY, validating the company's overseas acquisition strategy. The futures premium compressed by 3.9 points to 8.9. A rising PCR from 0.78 to 0.99 reflects expanding option support, as 5,870 new puts added comfortably outpaced 3,876 calls.

Hero MotoCorp (HEROMOTOCO) fell 4.1% through Short Addition, expanding futures open interest by 16.2% to 23,125 contracts with 3,224 added. Institutional dumping was triggered by an underlying operational squeeze; despite robust top-line growth, operating earnings (EBITDA) grew a mere 8%. This resulted in a sharp margin contraction of ~160 bps to 13.4%, explicitly attributed by management to elevated material and commodity costs outpacing cost-saving initiatives. The futures premium remained flat at 28.0 points. A sliding PCR from 0.75 to 0.51 confirms severe overhead call writing, as a massive addition of 9,976 call contracts heavily overwhelmed 3,203 puts.

Navin Fluorine (NAVINFLUOR), a recent entrant to the F&O segment, dropped 2.2% via Short Addition, pushing derivative open interest up 34.6% to 1,524 contracts with 392 added. The slide represents classic pre-earnings jitters as institutional investors locked in profits to avoid premium valuation risk heading into the Q2 board meeting. The street is specifically awaiting concrete updates on the commercial ramp-up of the debottlenecked Dahej MPP, the new R32 capacity expansion, and CDMO pipeline conversions. The futures premium collapsed by 29.5 points to 5.0. While the PCR ticked up mechanically from 0.04 to 0.42 (with 278 puts added vs. 246 calls), the extremely low absolute ratio confirms sustained overhead resistance on the new F&O counter.

Put-Call Ratio Snapshot:

The Nifty Put-Call ratio (PCR) rose to 1.31 from 1.07 points, while the Bank Nifty PCR rose from 0.95 to 0.98 points.

Stock Option Volume highlights:

COLPAL (1,629.80, +1.8%) shows long build-ups; 9,641 calls top 3,339 puts (2.9 call-to-put, 0.68 PCR), targeting 1,700/1,800 resistances over 1,500/1,600 supports for the current monthly F&O expiry, signalling strong bullish accumulation. PFC (320.60, +1.3%) shows long build-ups; 13,647 calls beat 4,862 puts (2.8 call-to-put, 0.75 PCR), targeting 320/350 resistances over 310/315 supports for the current monthly F&O expiry, signalling strong bullish accumulation. BOSCHLTD (47,565.30, -0.1%) marks short build-ups; 5,745 puts outpace 4,344 calls (1.3 put-to-call, 1.11 PCR), sliding to 43,000/44,000 supports under 50,000/54,000 resistances for the current monthly F&O expiry, highlighting active distribution pressure. CUMMINSIND (4,515.40, -2.3%) marks long unwinding; 3,557 puts edge 3,377 calls (1.1 put-to-call, 1.16 PCR), sliding to 4,350/4,500 supports under 4,650 resistances for the current monthly F&O expiry, underscoring localized buyer fatigue.

Stock Open Interest highlights:

LAURUSLABS (2,244.00, +2.8%) concurrently maximizes its annual zenith across both option quadrants, framing strict current-expiry bounds (Support: 2,000, Resistance: 2,360) under a 0.72 PCR that signals active short-covering sentiment, while AUBANK (880.70, +0.2%) and RELIANCE (1,167.80, +0.8%) hold Call positioning at 98.3% and 83.6% of their yearly maximums respectively, capping upside within expiry limits (Support: 860, Resistance: 1,000 and Support: 1,100, Resistance: 1,250) under PCRs of 0.72 and 0.71 reflecting steady short-covering sentiments, and AUBANK (880.70, +0.2%) scales its maximum yearly Put capacity alongside RELIANCE (1,167.80, +0.8%) which maintains Put accumulation at 93.2% of its annual ceiling, securing defensive downside floors (Support: 860, Resistance: 1,000 and Support: 1,100, Resistance: 1,250) where respective PCRs of 0.72 and 0.71 validate robust short-covering and persistent short-covering sentiments.

Participant-wise Open Interest Net Activity:

Index Futures witnessed an active 13,636-contract turnover, entirely defined by a total, absolute proprietary long capture sweep. Proprietary traders took complete command of the broad index long side by accumulating exactly 13,636 contracts—matching the segment's total turnover volume down to the single digit. This aggressive proprietary buying wall served as the sole liquidity provider, cleanly absorbing a synchronized multi-group exit led by retail Clients (-10,128 contracts), FIIs (-2,981 contracts), and DIIs (-527 contracts).

In Stock Futures, where 46,313 contracts changed hands, foreign funds executed a total and undisputed long sweep of the segment. FIIs took complete command of the single-stock long side by accumulating exactly 46,313 contracts—matching the session's total market turnover down to the single digit. This immense global demand wave cleanly swallowed a broad domestic liquidation campaign led by domestic mutual funds (DIIs, -28,173 contracts), local Proprietary desks (-10,600 contracts), and retail Clients (-7,540 contracts).

Securities in Ban for Trade Date 30-October-2026:

1. KAYNES
2. SAIL

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