Thursday, February 20, 2014

Option Open Interest for 20-02-2014

Inference
Nifty opened weak and stayed weak throughout the entire session of trade to close around the low point below the psychological level of 6100 at 6091.45, a huge loss of 61.30 points. The broader market was also weak, with 558 advances to 851 declines. Super support for the Series is still at 6000PE with OI now at 1.14 crore.
  • Call option 6150-6200 added 3.20 lacs huge amount of OI with profit booking seen at 6300 and above strike prices.
  • Put option 5700-5600 added 1.28 lacs of OI with huge short covering seen at 6100 and above strike prices.
  • Nifty Open Interest is at 1,48,74,050 down by 8,17,600, whereas March series added 3.33 lacs with decrease in price, most probably huge long liquidation with some rollover.
  • Bank Nifty Open Interest is at 15,88,550 down by 38,875, whereas March series added 0.62 lacs with decrease in price, most probably 100% rollover with some short build-up.
  • FII’s sold huge 5.22 lacs Futures, mostly short build-up, as their net OI increased by 9122 contracts (includes 42288 longs and 52724 shorts for the day) and the average price per contract comes to around 6006.54.
  • FII’s future open contract as on date is 395822.
  • PCR Open Interest (Volume) went down a bit to 1.498 due to huge liquidation at 6100-6200PE.
  • Initial support still at 6100, but looking very weak with huge liquidation of 8.35 lacs for the day and below that at 6000 with highest OI of 1.14 Crore.
  • Initial resistance at 6150, with huge addition for the day at 2.50 lacs and above that at 6200, with OI of 54.93 lacs.
  • Day Range as per Option Table is 6056 - 6147 and as per VIX is 6043 - 6140 with 6102 as the Pivot.
Option Call for 21-02-2014
Buy Nifty 6100CE above 52 for targets of 61, 77 SL - 47
Buy Nifty 6100PE above 39 for targets of 48, 59 SL - 34

India VIX : 15.16 up by 0.09 points
Call OI : 30492050
Put OI : 45687050
PCR OI : 1.498
SMR : 10.12 (Neutral to Bearish: Bears pulled the trigger when it mattered most to close the index below 6100 and a follow-up action tomorrow can bring 6050 in a jiffy though support still very strong at 6000...)