New Delhi, Feb. 4 -- Hot foreign money is wagering that Nifty will move over a 5% range (22,800 to 24,000) from Monday's close of 23,361, ahead of the monetary policy committee (MPC) meeting outcome on Friday.

To exploit this situation, foreign portfolio investors (FPIs), in a departure from their usual practice, have turned net sellers of Nifty call and put options in the past few days.

With the rupee plunging to a record low of 87.29 on Monday, a day after the pro-consumption Union Budget and US President Donald Trump's imposition of fresh tariffs on imports from Mexico, Canada and China, a rate cut by the MPC has become less certain, said analysts.

Moreover, the US Federal Open Market Committee kept rates steady at 4.25-4.5% last we...