Option traders see a probability of Nifty inching closer to 6,200 levels in the January derivative series, which ends on January 31.
Nifty January 6,200 call added positions worth $101 million on Monday alongside an increase in NSE's volatility index or VIX, signifying buying action, UBS said in a note.
6,200 January call is 1 million shares away from commanding the highest open interest among Nifty calls, compared to 6,000 call, which holds 5.5 million shares in outstanding positions, as of December 31, as per NSE data.
Positions in put options on Nifty imply support at 5,800 level, traders added.
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