Sunday, June 8, 2014

Option Open Interest for 06-06-2014

Inference
The index opened positive above 7500, and after staying range bound for the better part of the morning session, saw huge short covering rally to move towards 7600 missing the same by just a few points. The index closed near the top of the day at 7583.40, a huge gain of 109.30 points. The broader market was also strong, with 1100 advances to 489 declines. Expected range for the series now at 7200-7700.
  • Call option 7600-7900 added 18.48 lacs huge amount of OI with huge short covering seen at 7500 and lower strike prices.
  • Put option 7700-7200 added 46.69 lacs huge amount of OI with profit booking seen at 7000 and lower strike prices.
  • Nifty Open Interest is at 1,39,31,350 down by 1,08,750, with increase in price, most probably short covering.
  • Bank Nifty Open Interest is at 23,18,175 down by 84,450, with increase in price, most probably huge short covering.
  • FII’s sold huge 5.64 lacs Futures, mostly short build-up as their net OI increased by 3720 contracts (includes 41297 longs to 52571 shorts for the day) and the average price per contract comes to around 7622.78.
  • FII’s future open contract as on date is 262115.
  • PCR Open Interest (Volume) for the first time in the series is above 1 at 1.038.
  • Initial support at 7500, with huge addition for the day at 18.93 lacs and below that at 7400 with OI of 34.12 lacs.
  • Initial and best resistance at 7600 with OI of 43.72 lacs.
  • Day Range as per Option Table is 7482 - 7643 and as per VIX is 7520 - 7647 with 7558 as the Pivot.
Option Call for 09-06-2014
Buy Nifty 7500CE above 149 for targets of 168, 188 SL - 136
Buy Nifty 7600PE above 115 for targets of 133, 159 SL - 109

India VIX : 15.98 up by 0.53 points
Call OI : 36315000
Put OI : 37688200
PCR OI : 1.038
SMR : 15.40 (Bullish: Bulls are scaling one level after another with ease and now comfortably placed above 7500 level, fall if any should restrict itself around 7300...)