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Pre-open brief

IRFC INDIAN RAILWAY FIN CORP L

OverviewPrice & levelsF&OFinancials & peersCompanyas of Thu 15 Oct 15:30

INDIAN RAILWAY FIN CORP L — on this desk since 29 Nov 2024.

implied move
4.9%
12 days to the expiry read
futures
short build
price fell and open interest rose
basis
-1.05%
the future traded 1.05% below the share
option prices
69
dearer than 69 of the past 252 sessions

Option chain

as of Thu 15 Oct 15:30
CallsStrikePuts
What happenedPriceChange in OIOpen interestOpen interestChange in OIPriceWhat happened
————693,68,900+70,5250.16—
—9.0802,76,6757034,17,750+15,24,4250.22long build-up
—8.1005,425718,78,850+2,71,2500.26long build-up
—7.14016,2757211,22,975+1,51,9000.32long build-up
—6.2102,33,2757312,09,775+4,44,8500.40long build-up
long unwinding4.68−65,1008,84,2757412,09,775+43,4000.53long build-up
long unwinding3.74−2,76,67516,81,75075wall79,20,500+86,8000.73long build-up
long unwinding3.05−10,8506,13,0257627,28,775+4,01,4501.00long build-up
short build-up2.34+16,27520,56,0757739,27,700−2,60,4001.35short covering
short build-up1.89+8,62,57537,16,1257841,33,850+2,00,7251.85long build-up
short build-up1.50+16,65,47541,55,55079at the money26,90,800+3,52,6252.33long build-up
short build-up1.18+45,35,3001,31,66,4758064,50,325−9,05,9753.17short covering
short build-up0.94+15,19,00056,96,250812,22,425+5,4253.61long build-up
short build-up0.73+16,60,05047,84,850823,14,650+43,4004.82long build-up
short build-up0.59+5,42,50015,67,825832,60,40004.43—
short build-up0.46+3,63,47514,37,625842,06,15005.26—
short build-up0.39+27,99,30086,47,4508511,88,075−54,2507.21short covering
short build-up0.30+3,79,75011,39,250865,42507.06—
short build-up0.25+9,00,55012,91,1508786,80008.01—
short build-up0.20+12,15,20019,15,025881,51,90008.97—
————8916,27509.94—
short build-up0.13+46,27,5251,68,12,075wall9011 strikes away8,13,750010.93—

The options were priced for a move of about 4.9% by 27 Oct.

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Open interest

as of Thu 15 Oct 15:30

Short build: price fell and open interest rose.

For this stock, 77 of 194 times the close 5 sessions later was higher.

Across every F&O stock, 58,860 of 1,16,717 times the close 5 sessions later was higher.

Basis, rollover and the ban

as of Thu 15 Oct 15:30

The future traded 1.05% below the share.

Not in the F&O ban this session; open interest stood at 75% of its market-wide limit.

Implied volatility

as of Thu 15 Oct 15:30

The options were priced for a move of about 4.9% by 27 Oct; over the sessions the desk holds it ranged 1.6–9.6%.

Option prices were dearer than 69 of the past 252 sessions.

Calls were priced dearer than puts the same distance out.

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Implied and realised around results

as of Thu 15 Oct 15:30

No results meeting with an option chain on its eve yet.

The futures, session by session

as of Thu 15 Oct 15:30
sessionfuturesimplied movebasisban
Thu 15 Octshort build4.9%-1.05%
Wed 14 Octlong build5.1%-0.75%
Tue 13 Octlong build5.2%-0.63%
Mon 12 Octshort cover5.6%-0.75%
Fri 9 Octshort cover5.6%-0.56%
Thu 8 Octshort build6.1%-1.33%
Wed 7 Octshort build5.7%-0.29%
Tue 6 Octshort cover6.1%-0.34%
Mon 5 Octshort build6.3%-0.88%
Thu 1 Octshort build6.7%-1.40%
Wed 30 Seplong build6.4%-1.72%
Tue 29 Sepshort cover6.4%-3.58%
Mon 28 Sepshort build7.0%-2.70%
Fri 25 Sepshort cover1.6%-0.13%
Thu 24 Seplong unwind1.8%-0.23%
Wed 23 Seplong build1.8%0.05%
Tue 22 Sepshort build2.2%0.10%
Mon 21 Sepshort build2.6%-0.15%
Fri 18 Seplong build3.1%-0.66%
Thu 17 Seplong build3.5%0.14%

After a name entered or left the ban

as of Thu 15 Oct 15:30
  • Every F&O stock, on entering the ban: 755 of 1,496 times the close 5 sessions later was higher.
  • Every F&O stock, on leaving it: 747 of 1,496 times the close 5 sessions later was higher.

Before comparing across time

as of Thu 15 Oct 15:30

Open interest is in shares. Traded volume is in contracts before July 2024 and in shares after, so volumes are not compared across that change.

The lot size changed from 4,250 to 5,425 on 29 Apr 2026; contracts either side are compared in shares, not lots.