Friday, June 21, 2013

Option Open Interest for 21-06-2013

Inference
Nifty opened very weak on the back of bad global cues, and immediately dipped towards 5616, which happens to be long term trend line support, and saw the buyers getting active to push the index towards 5700 level. Europe opening saw Nifty again going down but ultimately closed positive at 5667.65, a small gain of 11.75 points. The broader market though was negative, with just 437 advances to 852 declines. Option Table saw the 5600PE coming back, but it’s still highly Bear dominated.
  • Call option 5600-5800 added 25.35 lacs huge amount of OI with profit booking seen at 5900 and above strike prices.
  • Put option 5700-5200 added 28.70 lacs huge amount of OI with short covering seen at 5800 and above strike prices.
  • Highest accumulation on Call option 5800 at 94.78 lacs & 6000 at 71.95 lacs whereas Put option 5600 at 91.01 lacs & 5700 at 69.09 lacs.
  • Nifty Open Interest is at 2,12,56,300 down by 2,77,700, with increase in price, most probably some short covering.
  • Bank Nifty Open Interest is at 15,06,200, down by 29,200, with decrease in price, most probably some long liquidation.
  • FII’s sold 4.74 lacs Futures, most probably long liquidation, as their net OI decreased by 5458 contracts and the average price per contract comes to around 5665.
  • FII’s future open contract as on date is 488752.
  • PCR Open Interest (Volume) just inched up to 0.813.
  • Best support at 5600, with OI above 91.01 lacs and below that at 5500 with OI of 61.28 lacs.
  • Initial resistance right now at 5700, with huge OI of 66.17 lacs and above that at 5800 with highest OI of 94.78 lacs.
  • Range as per Option Table is 5599 - 5722 and as per VIX is 5611 - 5724 with 5670 as the Pivot.
Option Call for 24-06-2013
Buy Nifty 5600CE above 84 for targets of 100, 124 SL - 79
Buy Nifty 5700PE above 81 for targets of 99, 122 SL - 76

India VIX : 19.03, down by 0.16 points
Call OI : 53135700
Put OI : 43201450
PCR OI : 0.813
SMR : 23.41 (Bearish: Bulls for the day thwarted the Bears but huge shorts are still in the system with massive writing still on at 5600-5800 CE levels, upside for the time being seems capped. SMR still above 20 is not conducive to new shorts at lower levels...)