Monday, February 24, 2014

Option Open Interest for 24-02-2014

Inference
Nifty opened weak below 6150 level but saw the buyers taking control from the morning itself to move the index up with each passing hour. Nifty ultimately closed near the highs of the day at 6186.10, a huge gain of 30.65 points. The broader market was just positive, with 733 advances to 698 declines. Super support for the Series is at 6000PE with OI at 1.03 crore.
  • Call option 6250 added 2.29 lacs huge amount of OI with huge short covering seen at 6150 and below strike prices.
  • Put option 6200-6100 added 15.95 lacs huge amount of OI with profit booking seen at 6000 and below strike prices.
  • Nifty Open Interest is at 1,23,78,650 down by 15,94,100, whereas March series added 20.73 lacs with increase in price, most probably 100% rollover with huge long build-up.
  • Bank Nifty Open Interest is at 13,84,650 down by 85,825, whereas March series added 3.69 lacs with increase in price, most probably 100% rollover with huge long build-up.
  • FII’s bought huge 9.57 lacs Futures, mostly long build-up, as their net OI increased by 29743 contracts (includes 118143 longs and 99004 shorts for the day) and the average price per contract comes to around 6074.93.
  • FII’s future open contract as on date is 440814.
  • PCR Open Interest (Volume) is at the highest point of the series at 1.683.
  • Initial support at 6100, with huge OI of 67.80 lacs and below that at 6000 with highest OI of 1.03 Crore.
  • Initial and best resistance still at 6200, with huge OI of 48.12 lacs and above that at 6300, with OI of 46.56 lacs.
  • Day Range as per Option Table is 6128 - 6219 and as per VIX is 6140 - 6233 with 6170 as the Pivot.
Option Call for 25-02-2014
Buy Nifty 6100CE above 95 for targets of 111, 128 SL - 83
Buy Nifty 6200PE above 40 for targets of 54, 79 SL - 35

India VIX : 14.36 up by 0.32 points
Call OI : 26089850
Put OI : 43918500
PCR OI : 1.683
SMR : 8.53 (Bullish: Bulls are firmly in control of the Option Table with 6100 Level under wraps, and now the Bears have to stay content with 6300 and a possibility of high of the Month on Expiry day...)