Traders factor in Rs 570-710 range for Infy stock

Mumbai: Traders have sold huge quantities of Infy options on the near month call and put side. The range that they are playing with, based on the premium charged to buyers, is around 572-708 until expiry on Oct 31, provisional NSE data show. Market officials like Rajesh Palviya of Axis Securities and Viral Berawala of portfolio manager Buoyant Capital expect this to be the range in the short term. The range is arrived at by combining the prices of the near month 600 put and the 680 call, which is Rs 28 a share (1200 shares make one contract). The 600 put saw open interest addition of 26.7 lakh shares taking total OI to 27 lakh shares while the 680 call saw addition of 27.25 lakh shares, taking total OI to 27.34 lakh shares, according to NSE provisional data. The breakeven of the option sellers below or above which they begin to faces losses is Rs 572 and Rs 708, respectively.