Tuesday, April 22, 2014

Option Open Interest for 22-04-2014

Inference
Nifty opened positive but stayed within a narrow range 32 points for the entire session of trade and closed flat at 6815.35, miniscule loss of 2.30 points. The broader market was flat, with 754 advances to 745 declines. Expected max range for Expiry is 6780-6900.
  • Call option 6850-6900 added 17.32 lacs huge amount of OI with short covering seen at 6700 and lower strike prices.
  • Put option 6850-6800 added 21.54 lacs huge amount of OI with profit booking seen at 6700 and below strike prices.
  • Nifty Open Interest is at 1,23,65,000 down by 18,58,350, whereas May series added 27.69 lacs with no change in price, most probably 100% roll-over with huge long build-up.
  • Bank Nifty Open Interest is at 11,26,350 down by 2,42,025, whereas May series added 2.19 lacs with increase in price, most probably roll-over with small long liquidation.
  • FII’s bought huge 13.43 lacs Futures, mostly long build-up, as their net OI increased by 35483 contracts (includes 149605 longs to 122740 shorts for the day) and the average price per contract comes to around 6807.64.
  • FII’s future open contract as on date is 478559.
  • PCR Open Interest (Volume) is at 1.597.
  • Initial super support at 6800, with huge OI of 61.02 lacs and below that at 6700 with OI of 59.02 lacs.
  • Initial resistance at 6850 with huge addition for the day at 9.42 lacs and above that at 6900 with OI of 53.97 lacs.
  • Day Range as per Option Table is 6770 - 6871 and as per VIX is 6696 - 6934 with 6820 as the Pivot.

Preview of May Series Option Table, PCR at just 1.077 with very small addition

Option Call for 23-04-2014
Buy Nifty 6800CE above 43 for targets of 53, 66 SL - 38
Buy Nifty 6850PE above 29 for targets of 39, 50 SL - 25

India VIX : 33.36 down by 1.03 points
Call OI : 26245050
Put OI : 41915900
PCR OI : 1.597
SMR : 20.89 (Bullish: Nifty played as per the Option script and stayed within the narrow range of 6800-6850, based on VIX and Option Table Expiry could see huge volatility with range expansion...)