Friday, March 21, 2014

Option Open Interest for 21-03-2014

Inference
Nifty opened positive around 6515 but was unable to sustain the highs and was sold off to the lows of the day around 6485. The index stayed within a narrow for the rest of the session and closed just up at 6493.20, a small gain of 10.10 points. The broader market was strong, with 875 advances to 597 declines. Best support for the series at 6400 and resistance at 6600.
  • Call option 6500-6600 added 9.42 lacs huge amount of OI with profit booking seen at 6700 and above strike prices.
  • Put option 6400, 6200-6100 added 2.25 lacs huge amount of OI with huge short covering seen at 6500 and above strike prices.
  • Nifty Open Interest is at 2,01,48,650 up by 8,59,550, whereas April Series also added 4.17 lacs with no change in price, most probably huge long/short build in both series.
  • Bank Nifty Open Interest is at 16,79,750 down by 74,275, whereas April Series added just 0.24 lacs with increase in price, most probably small rollover with short covering.
  • FII’s sold huge 12.42 lacs Futures, mostly short build-up, as their net OI increased by 45188 contracts (includes 68969 longs to 93817 shorts for the day) and the average price per contract comes to around 6475.81.
  • FII’s future open contract as on date is 555709.
  • PCR Open Interest (Volume) has moved down again to 1.238.
  • Initial and best support at 6400, with highest OI of 67.08 lacs.
  • Initial and best resistance at 6600, with OI of 66.00 lacs.
  • Day Range as per Option Table is 6451 - 6546 and as per VIX is 6438 - 6548 with 6501 as the Pivot.
Option Call for 22-03-2014
Buy Nifty 6500CE above 53 for targets of 64, 80 SL - 48
Buy Nifty 6500PE above 36 for targets of 45, 58 SL - 32

India VIX : 16.19 down by 0.72 points
Call OI : 36365950
Put OI : 45011450
PCR OI : 1.238
SMR : 13.08 (Neutral: Though the index closed in green but the CE writers had the better of the exchanges with huge addition at 6600CE, Dual on for control of 6500 Level...)