The index opened positive and saw buying interest from the morning, with every dip being bought. The index went on to close near the highs of the day at 7367.10, a huge gain of 90.70 points. On a week on week basis the index gained 164.10 points or approx 2.28%. The broader market was highly positive, with 1138 advances to 447 declines. Expected range till Expiry seems to be 7000-7500.
- Call option 7600 added 6.70 lacs huge amount of OI with short covering seen at 7300 and lower strike prices.
- Put option 7400-7300 added 17.82 lacs huge amount of OI with profit booking seen at 7100 and lower strike prices.
- Nifty Open Interest is at 2,10,26,000 down by 1,23,500, with increase in price, most probably short covering.
- Bank Nifty Open Interest is at 29,11,450 up by 22,075, with increase in price, most probably long build-up.
- FII’s sold huge 6.01 lacs Futures, mostly short build-up as their net OI increased by 20401 contracts (includes 88570 longs to 100599 shorts for the day) and the average price per contract comes to around 7421.29.
- FII’s future open contract as on date is 532001.
- PCR Open Interest (Volume) is up again and now at 0.912.
- Initial support now up at 7300, with OI addition of 8.40 lacs for the day and below that at 7200 with OI of 30.27 lacs.
- Initial and superb resistance at 7400 with OI of 56.87 lacs and above that at 7500 with highest OI of 57.53 lacs.
- Day Range as per Option Table is 7267 - 7435 and as per VIX is 7299 - 7435 with 7347 as the Pivot.
Buy Nifty 7300CE above 109 for targets of 134, 160 SL - 98
Buy Nifty 7400PE above 84 for targets of 104, 138 SL - 79
India VIX : 17.71 down by 0.13 points
Call OI : 52288400
Put OI : 47691450
PCR OI : 0.912
SMR : 19.42 (Bullish with Caution: After 3 days of consolidation the index moved up and closed above the psychological level of 7300 and now based on OI Table can remain in the range of 7250-7450 till expiry...)
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