Mumbai, June 12 -- Options sellers are pricing in a 2,000-point range for the Nifty in June on rising hopes of a preliminary deal between the US and Iran, according to National Stock Exchange data.

The range will be respected, subject to no sudden geopolitical surprises, analysts said.

The range is derived from options market positioning. The highest open interest (OI), or the largest number of outstanding contracts, is concentrated at the 23,000 put strike and the 25,000 call strike, the thresholds below or above which sellers will begin to incur losses.

So long as the market stays within the range, sellers will retain the premium paid by buyers for the options.

As of Friday's provisional close, the 23,000 put had 93,738 outstanding ...