Friday, March 7, 2014

Option Open Interest for 07-03-2014

Inference
Nifty opened just positive but saw huge buying from the onset to move up with each passing hour and closed around the highs of the day at 6526.65, a huge gain of 125.50 points, being the highest all-time close. On a week on week basis the index gained huge 249.70 points or approx 3.98%. The broader market for a change was weak, with 715 advances to 757 declines. Best support for the series now at 6200 level.
  • Call option 6600-6900 added 36.04 lacs huge amount of OI with short covering seen at 6500 and lower strike prices.
  • Put option 6700-6300 added 56.73 lacs huge amount of OI with profit booking seen at 6200 and lower strike prices.
  • Nifty Open Interest is at 1,81,12,550 up by 23,04,150, with increase in price, most probably huge long build-up.
  • Bank Nifty Open Interest is at 20,35,700 up by 1,54,875, with increase in price, most probably huge long build-up.
  • FII’s bought huge 30.01 lacs Futures, mostly long build-up, as their net OI increased by 79364 contracts (includes 149670 longs to 89656 shorts for the day) and the average price per contract comes to around 6470.44.
  • FII’s future open contract as on date is 422100.
  • PCR Open Interest (Volume) has jumped to 1.500.
  • Initial support just moved up to 6500, with huge addition of 22.55 lacs for the day and below that at 6400 with huge OI of 54.61 lacs.
  • No Resistance of substance moving forward.
  • Day Range as per Option Table is 6447 - 6556 and as per VIX is 6470 - 6584 with 6493 as the Pivot.
Option Call for 10-03-2014
Buy Nifty 6500CE above 116 for targets of 127, 153 SL - 94
Buy Nifty 6500PE above 79 for targets of 93, 117 SL - 74

India VIX : 16.72 up by 2.24 points
Call OI : 31350050
Put OI : 47032750
PCR OI : 1.500
SMR : 11.14 (Bullish: Nifty has broken out from the range after years of consolidation with huge volume and now dips towards 6400 should be buying opportunity for higher levels...)