tried very hard to stay above 50 today. In the end the bulk of the put contracts with strike at 50 are disposed off and turned worthless. But the option sellers would have to pay a little bit of money to the puts at 51 or higher.
The incremental returns for pushing the market to 51 or higher is not great for option sellers, given that they need to start paying for calls as well. Given the market condition, it may cost too much to try push the market that high. The effort at the last 20 minutes was just to make sure they didn't lose the 50 strikes.
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