Inference
Nifty opened flat but saw the Buyers take control to scale one level after another to end the day near the highs at 6274.25, a huge gain of 107.60 points. On a week-on-week basis the index gained 105.85 points or around 1.72%. The broader market was also strong, with 933 advances to 406 declines. Range has boiled down to 6150-6350.
Buy Nifty 6200CE above 102 for targets of 123, 155 SL - 83
Buy Nifty 6300PE above 68 for targets of 89, 117 SL - 62
India VIX : 16.02, down by 0.56 points
Call OI : 38854300
Put OI : 48080150
PCR OI : 1.237
SMR : 12.95 (Bullish: Bears missed the follow-up action and the Bulls came back with a renewed vigour to get a huge lead in the Option Table and now has a clear chance to scale 6300 before expiry...)
Nifty opened flat but saw the Buyers take control to scale one level after another to end the day near the highs at 6274.25, a huge gain of 107.60 points. On a week-on-week basis the index gained 105.85 points or around 1.72%. The broader market was also strong, with 933 advances to 406 declines. Range has boiled down to 6150-6350.
- No Call option addition was seen though short covering was seen at 6300 and below strike prices.
- Put option 6300-6100 added 41.50 lacs huge amount of OI with profit booking seen at 6000 and lower strike prices.
- Nifty Open Interest is at 1,83,71,150 down by huge 6,00,050, whereas Jan series added 20.93 lacs OI with increase in price, 100% rollover with huge long build-up.
- Bank Nifty Open Interest is at 13,60,200 down by 1,10,525, whereas Jan series added 0.21 lacs with increase in price, small rollover with huge short covering.
- FII’s bought 5.46 lacs Futures, mostly long build-up, as their net OI increased by 32014 contracts (includes 101170 longs and 90256 shorts for the day) and the average price per contract comes to around 6256.56.
- FII’s future open contract as on date is 616510.
- PCR Open Interest (Volume) is near the high point of the last few days at 1.237.
- Initial and best support now at 6200, with highest OI of 66.75 lacs and below that at 6100 with huge OI of 60.88 lacs.
- Initial and best resistance at 6300, with huge OI of 64.86 lacs and above that at 6400, with OI of 48.17 lacs.
- Day Range as per Option Table is 6188 - 6314 and as per VIX is 6222 - 6327 with 6243 as the Pivot.
Buy Nifty 6200CE above 102 for targets of 123, 155 SL - 83
Buy Nifty 6300PE above 68 for targets of 89, 117 SL - 62
India VIX : 16.02, down by 0.56 points
Call OI : 38854300
Put OI : 48080150
PCR OI : 1.237
SMR : 12.95 (Bullish: Bears missed the follow-up action and the Bulls came back with a renewed vigour to get a huge lead in the Option Table and now has a clear chance to scale 6300 before expiry...)
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