Monday, March 10, 2014

Option Open Interest for 10-03-2014

Inference
Nifty opened weak just below 6500 level, but saw the buyers back in action to move the index above the previous days close and to the highs of the day around 6562, but closed just below at 6537.25, a small gain of 10.60 points, being the highest all-time close. The broader market was also positive, with 797 advances to 678 declines. Best support for the series at 6200 level.
  • Call option 6600-7000 added 20.72 lacs huge amount of OI with short covering seen at 6500 and lower strike prices.
  • Put option 6700-6400 added 21.34 lacs huge amount of OI with profit booking seen at 6300 and lower strike prices.
  • Nifty Open Interest is at 1,81,73,000 up by 60,450, with increase in price, most probably long build-up.
  • Bank Nifty Open Interest is at 21,99,950 up by 1,64,250, with increase in price, most probably huge long build-up.
  • FII’s sold 2.20 lacs Futures, mostly short build-up, as their net OI increased by 8618 contracts (includes 60014 longs to 64410 shorts for the day) and the average price per contract comes to around 6502.72.
  • FII’s future open contract as on date is 430718.
  • PCR Open Interest (Volume) is at the highest point at 1.511.
  • Initial support getting better at 6500, with huge OI of 42.06 lacs and below that at 6400 with huge OI of 59.73 lacs.
  • Small Resistance at 6600, with OI of 39.81 lacs.
  • Day Range as per Option Table is 6476 - 6584 and as per VIX is 6476 - 6598 with 6529 as the Pivot.
Option Call for 11-03-2014
Buy Nifty 6500CE above 125 for targets of 147, 168 SL - 119
Buy Nifty 6600PE above 107 for targets of 124, 147 SL - 99

India VIX : 17.78 up by 1.06 points
Call OI : 32369800
Put OI : 48922450
PCR OI : 1.511
SMR : 11.76 (Bullish: A perfect consolidation day after the Big Breakout of Friday with 6500PE writers marching ahead, any correction towards 6450-6500 should be buying opportunity...)