Friday, January 24, 2014

Option Open Interest for 24-01-2014

Inference
Nifty opened gap-down around 6300 level and after a initial up move towards 6330 saw the Seller take control from thereon to move the index below 6300 initially and then to the close around the lows of the day at 6266.75, a huge loss of 78.90 points. On a week on week basis the index gained 5.10 points or around 0.08%. The broader market was very weak, with 338 advances to 1121 declines. Best resistance for the series is now at 6500 Level.
  • Call option 6250-6300 added 6.95 lacs huge amount of OI with profit booking seen at 6500 and above strike prices.
  • Put option 6250 added 0.91 lacs small amount of OI with huge short covering seen at 6300 and above strike prices.
  • Nifty Open Interest is at 1,58,70,350 down by 13,01,450, whereas Feb series added just 5.30 lacs, with decrease in price, most probably small roll-over with huge long liquidation.
  • Bank Nifty Open Interest is at 15,84,300 up by 5,625, whereas Feb series added 0.77 lacs, with decrease in price, most probably short build-up.
  • FII’s sold 15.09 lacs Futures, mostly short build-up, as their net OI increased by 7287 contracts (includes 69417 longs and 99590 shorts for the day) and the average price per contract comes to around 6204.98.
  • FII’s future open contract as on date is 512892.
  • PCR Open Interest (Volume) has gone down to 1.112.
  • Initial and best support at 6200, with highest OI of 51.00 lacs and below that at 6100 with huge OI of 42.15 lacs.
  • Initial resistance now at 6300, with huge OI of 48.03 lacs and above that at 6400, with OI of 47.69 lacs.
  • Day Range as per Option Table is 6237 - 6330 and as per VIX is 6215 - 6319 with 6287 as the Pivot.
Option Call for 27-01-2014
Buy Nifty 6200CE above 108 for targets of 128, 156 SL - 103
Buy Nifty 6300PE above 55 for targets of 67, 80 SL - 49

India VIX : 15.83 up by 0.25 points
Call OI : 30351350
Put OI : 33759650
PCR OI : 1.112
SMR : 14.23 (Bearish: In a single day the Bears changed the complexion of the Option Table with the PE writers running for cover, 6200 can be tested on Monday...)