New Delhi, April 29 -- After recovering nearly 7.5% between the March and April derivatives series amid the Iran war, options traders are baking in a near 900-point range for Nifty from Tuesday's closing of 23,995.70 over the next one week, per exchange data.

Traders expect the Nifty to trade in a 23,558-24,442 range until next Tuesday, based on the volume weighted average price per share (65 shares make one contract) of the 24,000 call and put options expiring on 5 May.

"The price of the 24,000 straddle (call and put) indicates a rangebound market after the smart rally from the March to April derivatives expiry," said Kruti Shah, quant analyst at Equirus.

Shah expects upside pressure to set in around 24,550-24,600, which coincides wit...