Tuesday, March 11, 2014

Option Open Interest for 11-03-2014

Inference
Nifty opened flat and went on to touch the highs of day around 6563 within the first few minutes of trade but drifted down with each passing hour to lows of the day around 6494, but closed just above at 6511.90, loss of 25.35 points. The broader market was also weak, with 614 advances to 860 declines. Best support for the series at 6200 level.
  • Call option 6600-6900 added 10.65 lacs huge amount of OI with short covering seen at 6400 and lower strike prices.
  • Put option 6600-6400 added 8.65 lacs huge amount of OI with profit booking seen at 6300 and lower strike prices.
  • Nifty Open Interest is at 1,85,60,000 up by 3,87,000, with decrease in price, most probably short build-up.
  • Bank Nifty Open Interest is at 21,47,350 down by 52,600, with decrease in price, most probably small long liquidation.
  • FII’s bought 2.11 lacs Futures, mostly long build-up, as their net OI increased by 21269 contracts (includes 53463 longs to 49250 shorts for the day) and the average price per contract comes to around 6482.79.
  • FII’s future open contract as on date is 451987.
  • PCR Open Interest (Volume) dipped a bit to 1.501.
  • Initial support at 6500, with huge OI of 47.28 lacs and below that at 6400 with huge OI of 58.89 lacs.
  • Resistance gathering strength at 6600, with OI of 41.77 lacs.
  • Day Range as per Option Table is 6466 - 6573 and as per VIX is 6453 - 6571 with 6523 as the Pivot.
Option Call for 12-03-2014
Buy Nifty 6500CE above 105 for targets of 144, 180 SL - 97
Buy Nifty 6600PE above 109 for targets of 123, 138 SL - 99

India VIX : 17.33 down by 0.45 points
Call OI : 32841200
Put OI : 49291400
PCR OI : 1.501
SMR : 11.55 (Bullish: Correction did happen, but was mostly intraday, with EOD technical’s staying with the Bulls, Bears need something big to make any dent...)