Thursday, March 6, 2014

Option Open Interest for 06-03-2014

Inference
Nifty opened positive and stayed in a narrow range but then we saw a parabolic rise to the highs of the day at 6407. Nifty had its best ever close at 6401.15, a huge gain of 72.50 points. The broader market was also strong, with 1015 advances to 462 declines. Best support for the series now at 6200 level.
  • Call option 6500-6800 added 21.21 lacs huge amount of OI with short covering seen at 6400 and lower strike prices.
  • Put option 6600-6000 added 49.29 lacs huge amount of OI with profit booking seen at 5900 and lower strike prices.
  • Nifty Open Interest is at 1,58,08,400 up by 4,35,800, with increase in price, most probably huge long build-up.
  • Bank Nifty Open Interest is at 18,80,825 up by 1,13,725, with increase in price, most probably huge long build-up.
  • FII’s bought huge 15.36 lacs Futures, mostly short covering, as their net OI decreased by 2135 contracts (includes 82922 longs and 52207 shorts for the day) and the average price per contract comes to around 6333.43.
  • FII’s future open contract as on date is 342736.
  • PCR Open Interest (Volume) is at the high point of the series at 1.378.
  • Initial support just moved up to 6400, with huge addition of 13.94 lacs for the day and below that at 6300 with huge OI of 61.33 lacs.
  • Resistance of substance only at 6500, with OI of just 48.49 lacs.
  • Day Range as per Option Table is 6341 - 6433 and as per VIX is 6353 - 6450 with 6382 as the Pivot.
Option Call for 07-03-2014
Buy Nifty 6400CE above 91 for targets of 107, 123 SL - 79
Buy Nifty 6400PE above 73 for targets of 83, 104 SL - 69

India VIX : 14.48 up by 0.64 points
Call OI : 30416200
Put OI : 41927700
PCR OI : 1.378
SMR : 10.50 (Bullish: Nifty on the back of highly Bullish OI Table scaled the psychological level of 6400 and closed above it for the first time, now it is in unchartered territory so stay cautious...)