Through much of the day, call option sellers were caught on the wrong foot after the Nifty surged from an intraday low of 19,627, minutes after opening, to its high of 19,875.25 at around 2.50 pm. From there it fell by 0.5% or a 110 points to close at 19,765.2.
The initial rally forced many call sellers to close out their positions at a loss. Those remaining began selling Nifty futures contracts to force the bulls back towards the last 40 minutes of trading, said an analyst who asked not to be named.
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