Monday, June 9, 2014

Option Open Interest for 09-06-2014

Inference
The index opened positive above 7600, and stayed positive for the entire session, making a high of 7673.70, but closed tad lower at 7654.60, a huge gain of 71.20 points. The broader market was also strong, with 1173 advances to 423 declines. Expected range for the series now at 7200-7800.
  • Call option 7700-8000 added 24.44 lacs huge amount of OI with huge short covering seen at 7600 and lower strike prices.
  • Put option 7800-7300 added 40.43 lacs huge amount of OI with profit booking seen at 7100 and lower strike prices.
  • Nifty Open Interest is at 1,51,71,600 up by 12,40,250, with increase in price, most probably huge long build-up.
  • Bank Nifty Open Interest is at 23,57,950 up by 39,775, with increase in price, most probably long build-up.
  • FII’s bought 4.74 lacs Futures, mostly long build-up as their net OI increased by 31124 contracts (includes 60005 longs to 50529 shorts for the day) and the average price per contract comes to around 7685.94.
  • FII’s future open contract as on date is 293239.
  • PCR Open Interest (Volume) is moving up and now at 1.096.
  • Initial support at 7600, with huge addition for the day at 15.49 lacs and below that at 7500 with OI of 42.92 lacs.
  • Initial and best resistance at 7700 with OI of 41.11 lacs.
  • Day Range as per Option Table is 7560 - 7718 and as per VIX is 7586 - 7723 with 7636 as the Pivot.
Option Call for 10-06-2014
Buy Nifty 7600CE above 137 for targets of 154, 173 SL - 127
Buy Nifty 7700PE above 117 for targets of 133, 155 SL - 109

India VIX : 17.10 up by 1.12 points
Call OI : 37832100
Put OI : 41471950
PCR OI : 1.096
SMR : 15.60 (Bullish: Bulls are on a roll with the index scaling 7600 level with ease and at a sniffing distance of 7700, with Option Table looking better and better with each passing day, still stay cautious at higher levels...)