Wednesday, February 12, 2014

Option Open Interest for 12-02-2014

Inference
Nifty opened positive around 6085, and after a initial move towards the highs of the day at 6106, it drifted down with each passing hour to close around the same level where it opened and in the process had a ‘DOJI’ candle. The index for the day closed at 6084.00, gain of 21.30 points. The broader market though was weak, with 636 advances to 767 declines. Best support for the Series at 6000PE with OI now above 90 lacs.
  • Call option 6200-6400 added 2.75 lacs huge amount of OI with short covering seen at 6100 and below strike prices.
  • Put option 6000-6200 added 5.31 lacs huge amount of OI with profit booking seen at 5900 and below strike prices.
  • Nifty Open Interest is at 1,55,26,350 down by 3,87,900, with increase in price, most probably short covering.
  • Bank Nifty Open Interest is at 17,31,150 down by 1,71,525, with increase in price, most probably huge short covering.
  • FII’s bought huge 1.36 lacs Futures, mostly short covering, as their net OI decreased by 11645 contracts (includes 35734 longs and 33005 shorts for the day) and the average price per contract comes to around 6016.80.
  • FII’s future open contract as on date is 372062.
  • PCR Open Interest (Volume) has dropped a bit due to huge profit booking at 5900PE and now at 1.252.
  • Best support at 6000, with highest OI of 90.88 lacs and below that at 5900 with huge OI of 62.77 lacs.
  • Initial resistance still at 6100, with huge OI of 51.70 lacs and above that at 6200, with OI of 66.55 lacs.
  • Day Range as per Option Table is 6042 - 6132 and as per VIX is 6028 - 6140 with 6089 as the Pivot.
Option Call for 13-02-2014
Buy Nifty 6100CE above 78 for targets of 87, 101 SL - 72
Buy Nifty 6100PE above 77 for targets of 88, 100 SL - 73

India VIX : 17.43 down by 1.20 points
Call OI : 33799750
Put OI : 42309650
PCR OI : 1.252
SMR : 13.92 (Bullish to Neutral: The Index has been closing within the range of 6000-6100 from the time Feb Series started, need something big to move the writers away and break this range...)