Monday, April 28, 2014

Option Open Interest for 28-04-2014

Inference
Nifty opened weak and stayed weak throughout the entire session of trade etching a low around 6750 but closed just up at 6761.25, still a good loss of 21.50 points. The broader market was flat, with 742 advances to 748 declines. Expected range till before Election result seems to be 6500-7000.
  • Call option 6800-7400 added 20.51 lacs huge amount of OI with not much change in other strike prices.
  • Put option 6800-6300 added 15.62 lacs huge amount of OI with small short covering seen at 6900 strike price.
  • Nifty Open Interest is at 1,37,73,350 up by 3,64,050, with decrease in price, most probably huge short build-up.
  • Bank Nifty Open Interest is at 14,37,625 up by 1,40,650, with increase in price, most probably long build-up.
  • FII’s sold huge 3.50 lacs Futures, mostly short build-up as their net OI increased by 8441 contracts (includes 28141 longs to 35132 shorts for the day) and the average price per contract comes to around 6795.82.
  • FII’s future open contract as on date is 279973.
  • PCR Open Interest (Volume) has just gone below 1 and now at 0.992.
  • Initial support still at 6800, with OI of 24.72 lacs and below that at 6500 with OI of 29.48 lacs.
  • Initial resistance at 6900 with OI of 21.56 lacs and above that at 7000 with highest OI of 32.73 lacs.
  • Day Range as per Option Table is 6716 - 6813 and as per VIX is 6650 - 6872 with 6766 as the Pivot.
Option Call for 29-04-2014
Buy Nifty 7000CE above 164 for targets of 173, 184 SL - 159
Buy Nifty 6800PE above 233 for targets of 242, 255 SL - 227

India VIX : 31.39 up by 0.71 points
Call OI : 23287350
Put OI : 23098150
PCR OI : 0.992
SMR : 31.65 (Bearish: Second day in a row the index closed in Red, but Option Table addition is very light with highest OI at 7000CE level, Range bound moves till General Election Results are out...)