However the most interesting arbitrage possibility arises in Reliance Industries, which is finally seeing a bit of profit-booking. The stock closed at 2298 while the future was last traded at 2317. That leaves some room for selling the future and buying the underlying.
Apart from this, there has been another spike in interest in Nagarjuna Fertilisers, which has led to an F&O ban unusually early in the settlement. The bull run could continue here.
In RNRL, operators have developed sufficient confidence to generate serious call option volumes