Monday, March 31, 2014

Option Open Interest for 31-03-2014

Inference
Nifty opened strong and went up to the highs at 6730, but profit booking from higher levels saw the index below the psychological level of 6700. The responsive buyer came back towards the end to close the index in positive at 6704.20, a small gain of 8.30 points. The broader market was strong, with 1036 advances to 439 declines. Best support right now at 6500-6600.
  • Call option 6700-6900, 7100 added 8.73 lacs huge amount of OI with small short covering seen at 6500 and lower strike prices.
  • Put option 7000-6400 added 25.87 lacs huge amount of OI with small profit booking seen at 6200 and lower strike prices.
  • Nifty Open Interest is at 1,70,19,650 up by 1,02,750, with small increase in price, most probably long build-up.
  • Bank Nifty Open Interest is at 15,92,975 up by 5,825, with small decrease in price, most probably small short build-up.
  • FII’s sold huge 2.67 lacs Futures, mostly short build-up, as their net OI increased by 16918 contracts (includes 45064 longs to 50400 shorts for the day) and the average price per contract comes to around 6701.22.
  • FII’s future open contract as on date is 387783.
  • PCR Open Interest (Volume) is inching up and now at 1.171.
  • Initial support at 6600, with huge OI of 36.62 lacs and below that at 6500 with highest OI of 36.88 lacs.
  • Initial and best resistance still at 6700, with huge OI of 36.72 lacs and above that at 6800 with OI of 25.42 lacs.
  • Day Range as per Option Table is 6662 - 6730 and as per VIX is 6628 - 6780 with 6699 as the Pivot.
Option Call for 01-04-2014
Buy Nifty 6700CE above 136 for targets of 151, 166 SL - 129
Buy Nifty 6700PE above 97 for targets of 110, 125 SL - 89

India VIX : 21.62 up by 2.99 points
Call OI : 24239750
Put OI : 28383750
PCR OI : 1.171
SMR : 18.46 (Bullish: A perfect consolidation day with small profit booking at higher level saw the index closing flat, but the PE writers have started piling up with 6600PE now a very good support level...)