Wednesday, May 8, 2013

Option Open Interest for 08-05-2013

Inference
Nifty opened positive, but dipped towards the lows of the day around 6025 which was bought by the responsive buyers. The index saw huge short covering rally in the dying minutes to close at the high point of the day at 6069.30, a cool gain of 25.75 points. The broader market though was flat, with 642 advances to 641 declines. Option Table is in perfect condition for the Bulls with addition starting at 6100PE.
  • Call option 6100-6200, 6400 added 14.02 lacs huge amount of OI with short covering seen at 5900 and below strike prices.
  • Put option 6100-5700 added 24.34 lacs huge amount of OI with profit booking seen at 5600 and below strike prices.
  • Highest accumulation on Call option 6200 at 62.38 lacs & 6100 at 51.99 lacs whereas Put option 5800 at 87.99 lacs & 5700 at 77.53 lacs.
  • Nifty Open Interest is at 2,12,06,650 up by 3,98,650, with increase in price, most probably huge long build-up.
  • Bank Nifty Open Interest is at 18,25,900, up by 9,075, with increase in price, most probably small long build-up.
  • FII’s bought huge 17.77 lacs of Futures, most probably short covering, as their net OI decreased by 7582 contracts and the average price per contract comes to around 6093.
  • FII’s future open contract as on date is 452933.
  • PCR Open Interest (Volume) is now above 1.4 at 1.421.
  • Initial support now at 6000, with huge OI of 57.22 lacs and below that at 5900 with OI of 70.21 lacs.
  • Initial resistance still at 6100, with OI of just 51.99 lacs and above that at 6200 with OI of 62.38 lacs.
  • Range as per Option Table is 6006 - 6116 and as per VIX is 6016 - 6123 with 6050 as the Pivot.
Option Call for 09-05-2013
Buy Nifty 6100CE above 78 for targets of 88, 99 SL - 73
Buy Nifty 6000PE above 68 for targets of 78, 93 SL - 63

India VIX :16.76 up by 0.26 points
Call OI : 35767550
Put OI : 50830950
PCR OI : 1.421
SMR : 11.79 (Bullish: All dips are bought with ferocity by the Bulls with Bears having to cover their shorts in loss, still early days but seems 6100 is going to come sooner than later...)