Wednesday, June 11, 2014

Option Open Interest for 11-06-2014

Inference
The index opened positive and went on to touch the highs of 7700 but profit booking from higher levels saw the index nose-dive to the lows of the day at 7589. The index though closed a bit higher at 7626.85, loss of 29.55 points. The broader market was also weak, with 691 advances to 897 declines. Expected range for the series now at 7500-7800.
  • Call option 7600-8000 added 29.35 lacs huge amount of OI with huge short covering seen at 7600 and lower strike prices.
  • Put option 7700-7200 added 15.53 lacs huge amount of OI with profit booking seen at 7000 and lower strike prices.
  • Nifty Open Interest is at 1,60,84,950 down by 7,400, with decrease in price, most probably long liquidation.
  • Bank Nifty Open Interest is at 23,67,600 down by 22,650, with decrease in price in future, most probably long liquidation.
  • FII’s bought 0.99 lacs Futures, mostly long build-up as their net OI increased by 6432 contracts (includes 51620 longs to 49634 shorts for the day) and the average price per contract comes to around 7649.56.
  • FII’s future open contract as on date is 332011.
  • PCR Open Interest (Volume) is at 1.024.
  • Initial support still at 7600, with OI of 37.36 lacs and below that at 7500 with huge OI of 50.01 lacs.
  • Initial resistance at 7700 with OI of 49.13 lacs and above that 7800 with huge OI of 50.01 lacs.
  • Day Range as per Option Table is 7556 - 7713 and as per VIX is 7559 - 7695 with 7639 as the Pivot.
Option Call for 12-06-2014
Buy Nifty 7600CE above 121 for targets of 145, 176 SL - 116
Buy Nifty 7700PE above 121 for targets of 147, 173 SL - 115

India VIX : 17.06 up by 0.40 points
Call OI : 40971550
Put OI : 41953650
PCR OI : 1.024
SMR : 16.66 (Bullish: The index for a change closed in the Red, with the CE writers adding huge from 7700 to 8000 levels, Support still very good at 7500...)