Inference
Nifty opened flat and what looked like a normal range bound day, turned out to be a nightmare for the bulls with huge liquidation in Nifty saw the index close at the lowest point of the day at 5574.05, a huge loss of 56.95 points. The broader market was also very weak with 483 advances to 1021 declines. The OI Table saw huge addition at 5500-5700 CE levels and now 5700 would be the level to scale for the Bulls to get back in the game.
Buy Nifty 5600CE above 58 for targets of 76, 100 SL - 54
Buy Nifty 5600PE above 64 for targets of 81, 99 SL - 54
India VIX : 16.22 up by 0.69
Call OI : 44660400
Put OI : 40683750
PCR OI : 0.911
SMR : 17.81 (Bearish: It’s Bears all the way with 5600 taken down after 2 months of range bound trade. Expiry could be well below 5700 for this series...)
Nifty opened flat and what looked like a normal range bound day, turned out to be a nightmare for the bulls with huge liquidation in Nifty saw the index close at the lowest point of the day at 5574.05, a huge loss of 56.95 points. The broader market was also very weak with 483 advances to 1021 declines. The OI Table saw huge addition at 5500-5700 CE levels and now 5700 would be the level to scale for the Bulls to get back in the game.
- Call option 5500-5700 added 34.41 lacs huge amount of OI with some profit booking seen at 5900 and above strike prices.
- Put Option 5500-5100 added 12.46 lacs huge amount of OI with huge short covering seen at 5600 and above strike prices.
- Highest accumulation on Call option 5800 at 93.3 lacs & 5700 at 80.9 lacs whereas Put option 5500 at 69.8 lacs & 5600 at 68.7 lacs.
- Nifty Open Interest is at 1,50,38,100 down by 19,18,450 with decrease in price, most probably huge long liquidation.
- Bank Nifty Open Interest is at 11,56,925 down by 48,625 with decrease in price, most probably long liquidation.
- FII’s sold HUGE 13.77 lacs of Futures, most probably long liquidation, as their net OI also decreased by 15.36 lacs and their average price per contract comes to around 4856.
- FII’s future open contract as on date is 338053.
- PCR Open Interest (Volume) is very weak and now at 0.911.
- Support is down to 5500 with huge OI of 69.8 lacs, and below that at 5400 with OI of 63.7 lacs.
- Huge resistance right now at 5700, with OI above 80.9 lacs, and above that at 5800 with highest OI of 93.3 lacs.
- Range as per Option Table is 5545 -5634 and as per VIX is 5527 - 5621 with 5600 as the Pivot.
Buy Nifty 5600CE above 58 for targets of 76, 100 SL - 54
Buy Nifty 5600PE above 64 for targets of 81, 99 SL - 54
India VIX : 16.22 up by 0.69
Call OI : 44660400
Put OI : 40683750
PCR OI : 0.911
SMR : 17.81 (Bearish: It’s Bears all the way with 5600 taken down after 2 months of range bound trade. Expiry could be well below 5700 for this series...)
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