Monday, March 24, 2014

Option Open Interest for 24-03-2014

Inference
Nifty opened just above 6500 level but saw huge buying interest from the word go to top all time high and closed just shy of 6600 level at 6583.50, huge gain of 88.60 points. The broader market though was weak, with 708 advances to 766 declines. Best support for the series at 6400 and resistance at 6600.
  • Call option 6700-6800 added 4.81 lacs huge amount of OI with huge short covering seen at 6600 and lower strike prices.
  • Put option 6700-6400 added 54.73 lacs huge amount of OI with profit booking seen at 6300 and lower strike prices.
  • Nifty Open Interest is at 2,05,40,800 up by 4,96,950, whereas April Series also added 22.97 lacs with increase in price, most probably huge long build in both series.
  • Bank Nifty Open Interest is at 16,63,375 down by 25,025, whereas April Series added just 1.84 lacs with increase in price, most probably 100% rollover with huge long build-up.
  • FII’s bought huge 15.96 lacs Futures, mostly long build-up, as their net OI increased by 76867 contracts (includes 143383 longs to 111462 shorts for the day) and the average price per contract comes to around 6576.18.
  • FII’s future open contract as on date is 632644.
  • PCR Open Interest (Volume) is at the highest point of the series at 1.459.
  • Initial support at 6550, with huge addition for the day at 11.80 lacs and below that at 6500 with huge OI of 57.65 lacs.
  • Initial and best resistance still at 6600, with OI of 57.55 lacs.
  • Day Nifty Spot Range as per Option Table is 6521 - 6614 and as per VIX is 6527 - 6640 with 6562 as the Pivot.
Option Call for 25-03-2014
Buy Nifty 6600CE above 36 for targets of 50, 65 SL - 28
Buy Nifty 6600PE above 48 for targets of 65, 88 SL - 42

India VIX : 16.54 up by 0.35 points
Call OI : 33674050
Put OI : 49133450
PCR OI : 1.459
SMR : 11.34 (Bullish: After staying in a narrow range for the better part of last week, the index gave a huge breakout and closed at all time high with the Bulls in total control of the OI Table...)