Thursday, May 15, 2014

Option Open Interest for 15-05-2014

Inference
Nifty opened flat but went up to touch the highs of the day at 7152 within the first few minutes, but saw the sellers coming back to move the index below the dotted line. A small pullback towards the end saw the index closed just up at 7123.15, a small gain of 14.40 points. The broader market was negative, with 533 advances to 986 declines. Expected range for tomorrow seems to be 6400-7500.
  • Call option 7100-7600 added 43.28 lacs huge amount of OI with short covering seen at 7000 and lower strike prices.
  • Put option 7100-6400 added 44.47 lacs huge amount of OI with profit booking seen at 6300 and lower strike prices.
  • Nifty Open Interest is at 1,79,35,600 up by 9,13,750, with small increase in price, most probably huge long build-up.
  • Bank Nifty Open Interest is at 21,41,025 up by 80,375, with increase in price, most probably long build-up.
  • FII’s bought 3.21 lacs Futures, mostly long build-up as their net OI increased by 12272 contracts (includes 71079 longs to 64651 shorts for the day) and the average price per contract comes to around 7143.54.
  • FII’s future open contract as on date is 390702.
  • PCR Open Interest (Volume) is at the lowest points just before the big event at 0.812.
  • Initial support still at 7000, with OI of 38.97 lacs and below that at 6800 with OI of 40.69 lacs.
  • Initial and best resistance at 7200 with huge OI of 61.16 lacs and above that at 7500 with huge OI of 58.07 lacs.
  • Day Range as per Option Table is 7028 - 7218 and as per VIX is 6986 - 7260 with 7119 as the Pivot.
Option Call for 16-05-2014
Buy Nifty 7200CE above 218 for targets of 231, 245 SL - 209
Buy Nifty 7000PE above 189 for targets of 213, 238 SL - 179

India VIX : 36.77 up by 4.35 points
Call OI : 61650100
Put OI : 50046900
PCR OI : 0.812
SMR : 45.29 (Bullish with Caution: The index is nicely poised around 7100 level just before the Big Event and based on Option Table can see a swing of 500-600 points for the next 2 days, Expected Range 6400-7500...)