Wednesday, April 2, 2014

Option Open Interest for 02-04-2014

Inference
Nifty opened strong above 6750 level but stayed below it for the better part of the day only to see huge buying around the last hour of trade which propelled the index to the highs of the day at 6763 but closed just below at 6752.55, gain of 31.50 points. The broader market was also strong, with 1080 advances to 421 declines. Best support right now is placed at 6600.
  • Call option 6800-7100 added 11.56 lacs huge amount of OI with small short covering seen at 6600 and lower strike prices.
  • Put option 6800-6400 added 26.31 lacs huge amount of OI with small profit booking seen at 6100 and lower strike prices.
  • Nifty Open Interest is at 1,72,78,150 up by 2,46,800, with increase in price, most probably huge long build-up.
  • Bank Nifty Open Interest is at 17,20,550 up by huge 2,11,075, with increase in price, most probably huge long build-up.
  • FII’s bought huge 3.04 lacs Futures, mostly long build-up, as their net OI increased by 9229 contracts (includes 46355 longs to 40274 shorts for the day) and the average price per contract comes to around 6740.74.
  • FII’s are net long in futures to the extent of 240149 contracts.
  • FII’s future open contract as on date is 388535.
  • PCR Open Interest (Volume) is moving up fast and now at 1.281.
  • Initial support getting stronger at 6700, with huge OI of 46.43 lacs and below that at 6600 with highest OI of 48.98 lacs.
  • Initial and best resistance still at 6800, with OI of 31.76 lacs and above that at 6900 with OI of just 29.59 lacs.
  • Nifty Spot Day Range as per Option Table is 6697 - 6795 and as per VIX is 6678 - 6828 with 67 as the Pivot.
Option Call for 03-04-2014
Buy Nifty 6800CE above 85 for targets of 94, 107 SL - 79
Buy Nifty 6800PE above 102 for targets of 111, 124 SL - 95

India VIX : 21.21 up by 0.52 points
Call OI : 25558400
Put OI : 32736100
PCR OI : 1.281
SMR : 16.56 (Bullish: The Bulls are in control of the Option Table for the time being with Support rising up to 6700 level, though not much of a resistance moving forward, Can the Bulls conquer 6800 in the next 2 days...)