Inference
Nifty opened weak around 6300 and stayed weak throughout the entire session but a late afternoon burst saw the index move to the high point of the day but closed at 6307.90, a small loss of 24.95 points. The broader market was very weak, with just 545 advances to 780 declines. Best resistance at 6500.
Buy Nifty 6300CE above 105 for targets of 117, 130 SL - 99
Buy Nifty 6300PE above 65 for targets of 74, 85 SL - 60
India VIX : 17.54 down by 0.44 points
Call OI : 38020250
Put OI : 43710100
PCR OI : 1.150
SMR : 15.26 (Bullish with Caution: Second day in a row the index closed in Red, but the psychological level of 6300 is still being held and the Bulls can try one more time to re-test the highs of 6400...)
Nifty opened weak around 6300 and stayed weak throughout the entire session but a late afternoon burst saw the index move to the high point of the day but closed at 6307.90, a small loss of 24.95 points. The broader market was very weak, with just 545 advances to 780 declines. Best resistance at 6500.
- Call option 6300, 6500 added 4.92 lacs huge amount of OI with profit booking seen at 6400 and above strike prices.
- Put option 6300-6200 added 7.37 lacs huge amount of OI with profit booking seen at 6100 and lower strike prices.
- Nifty Open Interest is at 2,20,38,400 up by 61,700, with decrease in price, mostly short build-up.
- Bank Nifty Open Interest is at 15,90,875 up by 96,550, with small decrease in price, mostly long/short build-up.
- FII’s bought 1.37 lacs Futures, mostly long build-up, as their net OI increased by 13288 contracts (includes 41630 longs and 38888 shorts for the day) and the average price per contract comes to around 6318.34.
- FII’s future open contract as on date is 574225.
- PCR Open Interest (Volume) is at 1.150.
- Initial support getting better at 6300, with huge addition for the day at 4.09 lacs and below that at 6200 with OI of 40.54 lacs.
- Initial resistance at 6400, with OI of 47.11 lacs and above that at 6500, with highest OI of 53.43 lacs.
- Day Range as per Option Table is 6247 - 6364 and as per VIX is 6250 - 6366 with 6305 as the Pivot.
Buy Nifty 6300CE above 105 for targets of 117, 130 SL - 99
Buy Nifty 6300PE above 65 for targets of 74, 85 SL - 60
India VIX : 17.54 down by 0.44 points
Call OI : 38020250
Put OI : 43710100
PCR OI : 1.150
SMR : 15.26 (Bullish with Caution: Second day in a row the index closed in Red, but the psychological level of 6300 is still being held and the Bulls can try one more time to re-test the highs of 6400...)
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