Sunday, March 30, 2014

Option Open Interest for 28-03-2014

Inference
Nifty opened positive and stayed in a narrow range with positive bias for the better part of the day with huge buying seen in the last hour to move the index above 6700 but closed just below at 6695.90, huge gain of 54.15 points. On a week-on-week basis the index gained 201.00 points or approx 3.09%. The broader market was also strong, with 1027 advances to 467 declines. Best support at start of the series is 6500.
  • Call option 6800-7100 added 23.55 lacs huge amount of OI with small short covering seen at 6600 and lower strike prices.
  • Put option 6700-6000 added 34.08 lacs huge amount of OI with more addition seen at 6800 and higher strike prices.
  • Nifty Open Interest is at 1,69,16,900 up by 8,28,150, with increase in price, most probably huge long build-up.
  • Bank Nifty Open Interest is at 15,87,150 up by 21,125, with increase in price, most probably long build-up.
  • FII’s bought huge 4.53 lacs Futures, mostly long build-up, as their net OI increased by 24953 contracts (includes 46693 longs to 37638 shorts for the day) and the average price per contract comes to around 6689.69.
  • FII’s future open contract as on date is 370865.
  • PCR Open Interest (Volume) has just inched up to 1.062.
  • Initial support getting stronger at 6600, with huge addition for the day at 7.12 lacs and below that at 6500 with highest OI of 33.31 lacs.
  • Initial and best resistance still at 6700, with huge OI of 32.97 lacs and above that at 6800 with huge OI of 24.64 lacs.
  • Day Range as per Option Table is 6640 - 6730 and as per VIX is 6631 - 6761 with 6681 as the Pivot.
Option Call for 31-03-2014
Buy Nifty 6700CE above 125 for targets of 135, 147 SL - 119
Buy Nifty 6700PE above 105 for targets of 113, 128 SL - 99

India VIX : 18.63 up by 0.26 points
Call OI : 23151950
Put OI : 24578350
PCR OI : 1.062
SMR : 17.55 (Bullish: Bulls on a rampage, continued to trade in unchartered territory scaling one milestone after another, and now have a very good chance of closing the month above 6700...)