Thursday, February 28, 2013

Option Open Interest for 28-02-2013

Inference
Nifty opened positive, and stayed positive till the Union Budget started. Then it started drifting down as as Mr. P. Chidambaram read his Budget Speech. As soon as the speech ended, Nifty went into free-fall mode to break 5700 level also. The index ultimately closed at 5693.05 a huge loss of 103.85 points, the highest loss in many months. The broader market was also weak, with just 343 advances to 1161 declines. At the start of the series the OI table shows support at 5700 level.
  • Call option 5400-6100 added 69.29 lacs huge amount of OI with small profit booking seen at 6200 strike price.
  • Put Option 6300-5500 added 47.64 lacs huge amount of OI with small profit booking seen at 5400 strike price.
  • Highest accumulation on Call option 6000 at 53.51 lacs & 5900 at 44.97 lacs whereas Put option 5700 at 61.61 lacs & 5800 at 51.04 lacs.
  • Nifty Open Interest is at 1,40,09,950 up by 25,04,650, with decrease in price, mostly rollover with huge short build-up.
  • Bank Nifty Open Interest is at 11,81,600, up by 5,23,725, with decrease in price, 100% rollover with huge-huge short build-up.
  • FII’s sold huge 25.96 lacs of Futures, most probably short build-up, and the average price per contract comes to around 5737.
  • FII’s future open contract as on date is 297025.
  • PCR Open Interest (Volume) at start of series is just above 1 at 1.007.
  • Best support at 5700PE, with OI over 61.6 lacs and below that at 5600 with OI of just 38.9 lacs.
  • Resistance at 5900CE, with OI above 44.96 lacs, and above that at 6000 with huge OI of 53.5 lacs.
  • Range as per Option Table is 5683 - 5773 and as per VIX is 5649 - 5737 with 5730 as the Pivot.
Option Call for 01-03-2013
Buy Nifty 5800CE above 82 for targets of 111, 156 SL - 77
Buy Nifty 5700PE above 76 for targets of 94, 114 SL - 65

India VIX :14.86 down by 1.37 points
Call OI : 30747650
Put OI : 30962750
PCR OI : 1.007
SMR : 14.76 (Bearish: Expiry was totally dominated by the Bears and the Non-Event Budget added fuel to fire, Bulls have just given up all hope, but the new series OI at least looks promising for them...)