Sunday, March 16, 2014

Option Open Interest for 14-03-2014

Inference
Nifty opened weak on the back of bad global cues and went on to touch the lows of 6430, but saw responsive buyer coming back in the afternoon session to move the index in green above the psychological level of 6500 at 6504.20, a small gain of 11.10 points. On a week on week basis the Index lost 22.45 points or around 0.34%. The broader market though was weak, with 596 advances to 881 declines. Best support for the series still at 6400.
  • Call option 6600-6700 added 1.37 lacs huge amount of OI with short covering seen at 6400 and lower strike prices.
  • Put option 6600 added 2.27 lacs huge amount of OI with profit booking seen at 6500 and lower strike prices.
  • Nifty Open Interest is at 1,93,74,400 down by 37,100, with increase in price, most probably short covering.
  • Bank Nifty Open Interest is at 19,17,825 down by huge 2,07,075, with decrease in price, most probably huge long liquidation.
  • FII’s sold huge 10.63 lacs Futures, mostly short build-up, as their net OI increased by 7256 contracts (includes 51798 longs to 73050 shorts for the day) and the average price per contract comes to around 6488.28.
  • FII’s future open contract as on date is 495051.
  • PCR Open Interest (Volume) is stationery around 1.426.
  • Initial support still at 6500, with huge OI of 50.93 lacs and below that at 6400 with highest OI of 62.32 lacs.
  • Initial and best Resistance still at 6600, with OI of 47.05 lacs.
  • Day Range as per Option Table is 6434 - 6544 and as per VIX is 6448 - 6560 with 6485 as the Pivot.
Option Call for 18-03-2014
Buy Nifty 6500CE above 86 for targets of 105, 126 SL - 76
Buy Nifty 6500PE above 60 for targets of 76, 99 SL - 56

India VIX : 16.45 down by 0.37 points
Call OI : 33204800
Put OI : 47346100
PCR OI : 1.426
SMR : 11.54 (Bullish: After closing below 6500 for a day, the Bulls came back strongly to close the index above the psychological level for the second week in a row, with OI Table staying true to itself...)