Monday, October 28, 2013

Option Open Interest for 28-10-2013

Inference
Nifty opened positive, but saw the sellers dominating from the morning itself. The index was unable to sustain the highs and closed at the lows of the day at at 6101.10, a huge loss of 43.80 points. The broader market was also weak, with 494 advances to 854 declines. As per OI table range till expiry comes around 6050-6240.
  • Call option 6100-6300 added 11.99 lacs huge amount of OI with profit booking seen at 6400 and above strike prices.
  • Put option 6000 added 3.66 lacs huge amount of OI with short covering seen at 6100 and above strike prices.
  • Nifty Open Interest is at 1,41,28,200 down by 19,92,800, whereas Nov Series added 29.80 lacs OI, with decrease in price, most probably 100% roll-over with huge short build-up.
  • Bank Nifty Open Interest is at 15,57,300 down by 2,78,825, whereas Nov Series also added 1.73 lacs with decrease in price, most probably rollover with huge long liquidation.
  • FII’s bought small 1.72 lacs Futures, mostly long build-up, as their net OI increased by 8126 contracts (includes 126201 longs and 122767 shorts) and the average price per contract comes to around 6043.41.
  • FII’s future open contract as on date is 545920.
  • PCR Open Interest (Volume) is down to 1.402.
  • Initial and best support now 6000, with highest OI of 65.96 lacs, below that at 5900, with huge OI of 48.46 lacs.
  • Resistance getting better at 6200, with OI now above 57.26 lacs, above that at 6300 with huge OI of 64.28 lacs.
  • Day Range as per Option Table is 6055 - 6176 and as per VIX is 6033 - 6169 with 6121 as the Pivot.
Option Call for 29-10-2013
Buy Nifty 6100CE above 69 for targets of 86, 118 SL - 65
Buy Nifty 6100PE above 49 for targets of 60, 72 SL - 40

India VIX : 21.29, up by 0.87 points
Call OI : 34682750
Put OI : 48614550
PCR OI : 1.402
SMR : 15.19 (Bearish to Neutral: Weakness creeping in fast as 6100 level comes under threat with the PE writers liquidating huge 7.84 lacs OI. The Bulls may just save 6000 for this series but the dream of new high seems elusive...)