Tuesday, March 25, 2014

Option Open Interest for 25-03-2014

Inference
Nifty opened weak around 6550 level but saw the buyer back and the index above the previous days close. The index oscillated around the dotted line in a narrow range and closed just above at 6583.50, small gain of 6.25 points. The broader market though was weak, with 661 advances to 820 declines. Best support for the series at 6400 and resistance at 6600.
  • Call option 6550-6800 added 17.42 lacs huge amount of OI with huge short covering seen at 6500 and lower strike prices.
  • Put option 6600-6500 added 10.61 lacs huge amount of OI with profit booking seen at 6400 and lower strike prices.
  • Nifty Open Interest is at 1,87,17,650 down by 18,23,150, whereas April Series also added 31.22 lacs with increase in price, most probably 100% rollover with huge long build in new series.
  • Bank Nifty Open Interest is at 14,14,375 down by 2,49,000, whereas April Series added 2.57 lacs with increase in price, most probably 100% rollover with small long build-up.
  • FII’s bought huge 5.15 lacs Futures, mostly long build-up, as their net OI increased by 51478 contracts (includes 166727 longs to 156431 shorts for the day) and the average price per contract comes to around 6589.81.
  • FII’s future open contract as on date is 684122.
  • PCR Open Interest (Volume) is at 1.446.
  • Initial support at 6550, with huge addition for the day at 6.58 lacs and below that at 6500 with huge OI of 60.17 lacs.
  • Initial and best resistance still at 6600, with OI of 61.17 lacs.
  • Day Range as per Option Table is 6533 - 6623 and as per VIX is 6531 - 6648 with 6577 as the Pivot.
Option Call for 26-03-2014
Buy Nifty 6600CE above 33 for targets of 43, 55 SL - 28
Buy Nifty 6600PE above 30 for targets of 38, 51 SL - 24

India VIX : 16.92 up by 0.38 points
Call OI : 33703700
Put OI : 48730000
PCR OI : 1.446
SMR : 11.70 (Bullish: The huge move of yesterday was followed by a dull range bound day but the index closed in green and OI Table still firmly in control of the Bulls though some resistance coming up at 6600 level...)