Inference
Nifty opened flat and looked weak during initial hours of trade, but after inflation data came in at lower than expected 7.24%, the index recovered well enough to post reasonable gain of 28.10 points to close the day at 5879.60. On a week-on-week basis the index lost 27.80 points or around 0.47%. The broader market was a bit weak, with 720 advances to 777 declines. The OI Table saw 5800PE crossing 90 lacs and seems like the base till expiry.
Buy Nifty 5900CE above 62 for targets of 72, 82 SL - 58
Buy Nifty 5900PE above 55 for targets of 65, 84 SL - 51
India VIX : 14.23 down by 0.48 points
Call OI : 44672300
Put OI : 55830400
PCR OI : 1.250
SMR : 11.39 (Bullish to Neutral: As said yesterday no follow up action by the Bears, who got the chance to pin the Bulls on the mat but came a cropper. The Bulls are coming back, now they need a follow-up action...)
Nifty opened flat and looked weak during initial hours of trade, but after inflation data came in at lower than expected 7.24%, the index recovered well enough to post reasonable gain of 28.10 points to close the day at 5879.60. On a week-on-week basis the index lost 27.80 points or around 0.47%. The broader market was a bit weak, with 720 advances to 777 declines. The OI Table saw 5800PE crossing 90 lacs and seems like the base till expiry.
- Call option 6100 added 3.20 lacs huge amount of OI with huge profit booking seen at 6000 and above strike prices.
- Put Option 5900-5600 added 16.44 lacs huge amount of OI with some profit booking seen at 5500 strike price.
- Highest accumulation on Call option 6000 at 1.12 crore & 6100 at 77.5 lacs whereas Put option 5800 at 91.7 lacs & 5500 at 72.1 lacs.
- Nifty Open Interest is at 2,13,71,850 down by huge 1,36,850, with increase in price, most probably short covering.
- Bank Nifty Open Interest is at 12,97,850 up by huge 39,525, with increase in price, most probably long build-up.
- FII’s sold huge 2.39 lacs of Futures, most probably short build-up as their OI also increased by 560 contracts, and the average price per contract comes to around 5843.
- FII’s future open contract as on date is 415990.
- PCR Open Interest (Volume) has moved higher to 1.250 due to huge addition at 5800PE.
- Super Support now at 5800PE with OI above 91.7 lacs and below that at 5700 with OI of 68.7 lacs.
- Tremendous resistance at 6000CE with OI above 1.12 crore, and above that at 6100 with OI of 77.5 lacs.
- Range as per Option Table is 5828 -5916 and as per VIX is 5836 - 5923 with 5890 as the Pivot.
Buy Nifty 5900CE above 62 for targets of 72, 82 SL - 58
Buy Nifty 5900PE above 55 for targets of 65, 84 SL - 51
India VIX : 14.23 down by 0.48 points
Call OI : 44672300
Put OI : 55830400
PCR OI : 1.250
SMR : 11.39 (Bullish to Neutral: As said yesterday no follow up action by the Bears, who got the chance to pin the Bulls on the mat but came a cropper. The Bulls are coming back, now they need a follow-up action...)
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