Monday, April 21, 2014

Option Open Interest for 21-04-2014

Inference
Nifty opened positive but stayed within a narrow range around 6800 for the better part of the day but saw breakout towards the highs of the day at 6825. The index closed just below the highs at 6817.65, gain of 38.25 points. The broader market was also strong, with 1029 advances to 457 declines. Best range till Expiry is 6750-6900.
  • Call option 6850-6900 added 10.88 lacs huge amount of OI with short covering seen at 6800 and lower strike prices.
  • Put option 6900-6600 added 34.89 lacs huge amount of OI with profit booking seen at 6500 and below strike prices.
  • Nifty Open Interest is at 1,42,23,350 down by 10,57,200, whereas May series added 20.85 lacs with increase in price, most probably 100% roll-over with huge long build-up.
  • Bank Nifty Open Interest is at 13,68,375 down by 69,825, whereas May series added 4.14 lacs with increase in price, most probably 100% roll-over with huge long build-up.
  • FII’s bought huge 5.54 lacs Futures, mostly long build-up, as their net OI increased by 41531 contracts (includes 120322 longs to 109241 shorts for the day) and the average price per contract comes to around 6805.52.
  • FII’s future open contract as on date is 443076.
  • PCR Open Interest (Volume) is around the highest point of the series at 1.562.
  • Initial and best support at 6700, with highest OI of 68.47 lacs and below that at 6600 with huge OI of 67.82 lacs.
  • Initial resistance at 6850 with huge addition for the day at 4.85 lacs and above that at 6900 with OI of 46.06 lacs.
  • Day Range as per Option Table is 6758 - 6867 and as per VIX is 6695 - 6940 with 6810 as the Pivot.
Option Call for 22-04-2014
Buy Nifty 6800CE above 53 for targets of 65, 78 SL - 48
Buy Nifty 6900PE above 74 for targets of 90, 109 SL - 69

India VIX : 34.39 up by 3.54 points
Call OI : 27047050
Put OI : 42244650
PCR OI : 1.562
SMR : 22.02 (Bullish: New High was done as expected with the Bulls making sure that the level of 6800 won’t be easy to break till expiry; Longs need to be cautious as VIX near 35...)