Thursday, January 23, 2014

Option Open Interest for 23-01-2014

Inference
Nifty opened weak and stayed within a small range for the first few hours of trade but saw the buyer back around noon to take the index back above the dotted line to close firm at 6345.65, a small gain of 6.70 points. The broader market though was weak, with 612 advances to 825 declines. Best support for the series now up at 6300 Level.
  • Call option 6350, 6500-6600 added 5.59 lacs huge amount of OI with short covering seen at 6300 and below strike prices.
  • Put option 6400-6300 added 12.13 lacs huge amount of OI with profit booking seen at 6200 and below strike prices.
  • Nifty Open Interest is at 1,71,71,800 down by 3,40,000, whereas Feb series added 6.13 lacs, with increase in price, most probably 100% roll-over with huge long build-up in the next series.
  • Bank Nifty Open Interest is at 15,78,675 up by 21,825, whereas Feb series added 0.43 lacs, with small decrease in price, most probably short build-up.
  • FII’s bought 1.84 lacs Futures, mostly long build-up, as their net OI increased by 3136 contracts (includes 38496 longs and 34822 shorts for the day) and the average price per contract comes to around 6286.14.
  • FII’s future open contract as on date is 505605.
  • PCR Open Interest (Volume) is at 1.274.
  • Initial and best support at 6300, with highest OI of 69.65 lacs and below that at 6200 with huge OI of 62.73 lacs.
  • Initial resistance still at 6400, with huge OI of 48.57 lacs and above that at 6500, with OI of 54.53 lacs.
  • Day Range as per Option Table is 6297 - 6384 and as per VIX is 6294 - 6397 with 6339 as the Pivot.
Option Call for 24-01-2014
Buy Nifty 6300CE above 83 for targets of 94, 106 SL - 77
Buy Nifty 6400PE above 77 for targets of 88, 106 SL - 72

India VIX : 15.58 down by 0.27 points
Call OI : 31053100
Put OI : 39575850
PCR OI : 1.274
SMR : 12.22 (Bullish: The Bulls are firmly in control of the Index but seems to be lacking fire power to break-away as all up-moves are getting stalled, maybe waiting for RBI Governor Policy on next Tuesday...)