Wednesday, March 5, 2014

Option Open Interest for 05-03-2014

Inference
Nifty opened positive on the back of good global cues but got sold off to the lows of the day around 6290, but the responsive buyers took control from thereon to move the index near the highs of the day but closed just below at 6328.65, gain of 30.70 points. The broader market was also strong, with 834 advances to 594 declines. Best support for the series now at 6200 level.
  • Call option 6400-6700 added 9.37 lacs huge amount of OI with short covering seen at 6300 and lower strike prices.
  • Put option 6400-5900 added 32.38 lacs huge amount of OI with profit booking seen at 5800 and lower strike prices.
  • Nifty Open Interest is at 1,53,72,600 up by 8,34,750, with increase in price, most probably huge long build-up.
  • Bank Nifty Open Interest is at 17,67,100 up by 1,61,175, with increase in price, most probably huge long build-up.
  • FII’s bought huge 10.25 lacs Futures, mostly long build-up, as their net OI increased by 25009 contracts (includes 50592 longs and 30089 shorts for the day) and the average price per contract comes to around 6256.61.
  • FII’s future open contract as on date is 344871.
  • PCR Open Interest (Volume) is comfortably placed at 1.239.
  • Initial support now at 6300, with highest addition of 9.83 lacs for the day and below that at 6200 with highest OI of 73.18 lacs.
  • Initial and best resistance at 6400, with huge OI of 55.41 lacs.
  • Day Range as per Option Table is 6274 - 6366 and as per VIX is 6283 - 6374 with 6318 as the Pivot.
Option Call for 06-03-2014
Buy Nifty 6300CE above 103 for targets of 116, 129 SL - 97
Buy Nifty 6400PE above 105 for targets of 120, 144 SL - 99

India VIX : 13.84 down by 0.55 points
Call OI : 29588700
Put OI : 36652050
PCR OI : 1.239
SMR : 11.17 (Bullish: Based on OI addition of the last 2 days, 6200 level now seems to be rock solid base with only resistance moving forward is stationed at 6400, OI Table is highly Bullish...)