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Tuesday, 4 June 2024

NIFTY fell. Which option rose at the close?

NIFTY fell. Which option rose at the close?

See the answer

The put changed by +₹1,191.05 gain. The call changed by −₹192.40 loss.

Tuesday, 4 June 2024: NIFTY fell 1,379.40 points. The practice put changed from ₹171.45 to ₹1,362.50. Why?

What you will learn

  • See how an index move changes a put and a call.
  • Separate time passing from IV, the expected size of future moves.
  • Compare the result before and after costs.
premium3 Jun 2024 → 4 Jun 2024After charges
Put 23,250Expiry 6 Jun 2024₹171.45 → ₹1,362.50₹4,286.25 → ₹34,062.50+₹29,661.70 gainCharges ₹114.55
Call 23,250Expiry 6 Jun 2024₹197.55 → ₹5.15₹4,938.75 → ₹128.75−₹4,859.68 lossCharges ₹49.68

Tuesday, 4 June 2024 · NIFTY

Loading the chart

Official close · 15:30 · NIFTY 21,884.50

Official close
NIFTY 21,884.50
Put
₹1,362.50P&L so far +₹29,776.25
Call
₹5.15P&L so far −₹4,810.00

Between the two closes, each premium is worked out from that minute’s NIFTY. P&L is for 1 lot, before charges.

Candle interval
Read the prices
TimeOpenHighLowClose
3 Jun 2024 · Previous close———23,263.90
09:1523,179.5023,179.5022,724.8022,851.35
09:2022,850.4022,862.7522,566.9522,647.55
09:2522,654.0522,681.6022,479.4022,479.40
09:3022,479.7022,650.1522,389.8522,586.45
09:3522,588.5522,662.8022,559.5022,652.90
09:4022,651.8022,651.8022,545.0522,584.15
09:4522,584.6022,758.1522,565.6522,724.65
09:5022,725.6022,785.4522,677.4022,785.45
09:5522,783.8522,880.8022,763.4522,783.60
10:0022,785.0022,791.7022,698.3022,756.55
10:0522,756.6022,822.6022,753.5022,811.75
10:1022,812.5522,833.9022,796.0022,833.90
10:1522,832.5022,832.5022,768.4522,769.40
10:2022,767.2522,800.3022,642.4522,800.30
10:2522,801.3022,802.2022,725.2022,735.20
10:3022,736.2522,746.9022,665.3022,665.70
10:3522,665.6022,705.8022,662.1522,677.00
10:4022,676.1522,683.5522,534.3022,553.95
10:4522,552.3522,607.7522,497.1522,575.85
10:5022,573.9522,590.5522,444.7022,444.70
10:5522,444.8022,444.8022,277.7522,335.70
11:0022,336.6022,359.7522,238.1022,263.95
11:0522,263.4522,263.4522,000.6022,189.30
11:1022,185.4022,271.2522,072.1522,095.10
11:1522,097.0022,172.7522,089.9022,105.15
11:2022,102.2522,264.3522,052.3522,255.75
11:2522,253.4522,270.5522,162.0522,245.10
11:3022,239.1022,259.7522,127.6522,259.20
11:3522,256.7522,293.2522,197.8022,229.20
11:4022,230.7022,247.9022,119.8022,127.65
11:4522,128.6022,179.5522,107.3522,162.05
11:5022,163.6522,195.8022,107.6022,119.15
11:5522,116.1022,119.3021,886.8021,886.80
12:0021,884.3521,950.8021,790.9521,845.35
12:0521,846.2021,850.1021,660.2521,665.75
12:1021,664.6021,750.3021,481.8021,591.90
12:1521,591.2521,705.8021,591.2521,617.20
12:2021,618.4021,619.3521,366.6521,366.65
12:2521,372.1021,408.3521,281.4521,294.10
12:3021,296.3021,591.2521,296.3021,568.30
12:3521,572.4521,650.8021,469.4521,473.30
12:4021,475.1521,838.3021,475.1521,794.35
12:4521,793.8521,911.3521,692.0021,907.60
12:5021,903.2021,993.5021,736.4521,992.40
12:5521,993.4022,005.5521,839.5521,887.80
13:0021,886.7021,943.1021,759.9521,851.95
13:0521,852.2021,883.9521,800.4021,848.75
13:1021,847.5021,946.7021,813.4021,944.75
13:1521,944.4521,996.8021,881.5021,994.35
13:2021,992.1522,126.0021,978.4022,083.25
13:2522,086.4522,127.5021,949.7022,005.25
13:3022,002.5022,062.8021,927.8522,062.80
13:3522,061.5522,096.0522,009.8522,035.20
13:4022,038.0522,071.9021,968.6022,071.45
13:4522,070.9522,163.0522,054.1522,160.15
13:5022,166.4022,271.7022,162.5022,252.20
13:5522,253.6022,256.4022,157.0022,239.70
14:0022,241.5522,243.7522,099.4522,101.30
14:0522,105.1022,117.8521,948.3022,032.85
14:1022,037.3022,070.1521,982.7522,061.05
14:1522,061.8022,062.0021,958.3522,002.75
14:2022,001.6022,012.3521,883.4521,966.10
14:2521,964.8021,972.6521,897.9521,909.75
14:3021,909.8522,090.0521,909.8522,009.30
14:3522,015.5522,020.6521,912.4021,992.55
14:4021,993.0522,027.6021,929.1521,989.75
14:4521,990.5022,048.6521,915.1521,923.00
14:5021,926.5021,957.6021,899.9521,900.60
14:5521,905.0521,944.7521,798.7021,800.85
15:0021,802.6021,851.1521,745.5021,758.25
15:0521,756.6021,915.0521,725.3021,890.60
15:1021,889.6521,969.6521,889.6521,949.70
15:1521,948.6021,953.5521,871.4521,917.85
15:2021,918.7521,942.4521,879.3521,941.20
15:2521,942.1022,068.5521,910.2521,996.45
Official close———21,884.50

On this day 1 lot was 25. It is 65 now. Charges use the rates as at 18 Oct 2026.

How the money is worked out Premium × lot size = the money for 1 lot. Money received − money paid − charges = the result.

  • Put 23,250: ₹171.45 × 25 = ₹4,286.25 paid. ₹1,362.50 × 25 = ₹34,062.50 received. ₹34,062.50 − ₹4,286.25 − ₹114.55 charges = +₹29,661.70 gain.
  • Call 23,250: ₹197.55 × 25 = ₹4,938.75 paid. ₹5.15 × 25 = ₹128.75 received. ₹128.75 − ₹4,938.75 − ₹49.68 charges = −₹4,859.68 loss.

Cost details

Each charge in rupees. Together they make the Charges total above.

Put 23,250 · Charges ₹114.55
Brokerage
₹40.00

Your broker’s fee. We use ₹20.00 for each order. This trade has 2 orders.

STT
₹51.09

Securities Transaction Tax. The government takes this tax on the sell order.

Exchange transaction charge
₹13.63

The stock exchange takes this fee on each trade.

SEBI fee
₹0.04

SEBI watches over the market. This is its tiny fee.

Stamp duty
₹0.13

A government tax on the buy order.

GST
₹9.66

Goods and Services Tax. It is charged on the brokerage and the fees.

Total charges
₹114.55

Work out your own trade in the trading cost calculator →

Call 23,250 · Charges ₹49.68
Brokerage
₹40.00

Your broker’s fee. We use ₹20.00 for each order. This trade has 2 orders.

STT
₹0.19

Securities Transaction Tax. The government takes this tax on the sell order.

Exchange transaction charge
₹1.80

The stock exchange takes this fee on each trade.

SEBI fee
₹0.01

SEBI watches over the market. This is its tiny fee.

Stamp duty
₹0.15

A government tax on the buy order.

GST
₹7.53

Goods and Services Tax. It is charged on the brokerage and the fees.

Total charges
₹49.68

Work out your own trade in the trading cost calculator →

Try it on the desk →

What moved them

NIFTY 23,263.90 → 21,884.50 · India VIX 20.94 → 26.75

Estimated price split

Implied volatility (IV) is the size of move suggested by the option’s price. India VIX is a separate number.

Price change before charges

Put

NIFTY’s move
+₹28,439.17 gain
Time passed
−₹558.72 loss
IV’s move
+₹1,895.81 gain
Remaining difference
−₹0.01 loss

Call

NIFTY’s move
−₹6,039.85 loss
Time passed
−₹659.90 loss
IV’s move
+₹1,889.75 gain
Remaining difference
+₹0.00 no change

The model uses interest 7% and dividend 0.6%.

Every strategy that day

Long put

Bought the put

+₹29,661.70 gain

Long call

Bought the call

−₹4,859.68 loss

Long straddle

Bought both

+₹24,802.02 gain

Short straddle

Sold both

−₹25,093.78 loss

The next day · Wednesday, 5 June 2024

A NIFTY put bought at Tuesday’s close turned ₹192.80 into ₹8.70.

−₹4,652.29 lossSee 5 Jun 2024 →

Questions on this

Options questions · NISM Series VIII →

Recorded NIFTY minute prices · Tuesday, 4 June 2024

The official close has its own point. It differs from the last minute candle.

WHERE THIS GOES NEXT

Synthetic option premium mechanicsOpen Market X-RayOpen