Tuesday, June 17, 2014

Option Open Interest for 17-06-2014

Inference
The index opened flat to negative and stayed in a narrow range for the better part of day, but saw huge short covering rally to close near the highs at 7631.70, huge gain of 98.15 points. The broader market was also strong, with 1172 advances to 382 declines. Expected range for the series now at 7400-7800.
  • Call option 7900 added 1.80 lacs huge amount of OI with short huge covering seen at 7600 and below strike prices.
  • Put option 7700-7400 added 22.30 lacs huge amount of OI with profit booking seen at 7300 and below strike prices.
  • Nifty Open Interest is at 1,48,09,050 down by 1,50,050, with increase in price, most probably short covering.
  • Bank Nifty Open Interest is at 24,33,325 up by 1,01,475, with increase in price, most probably huge long build-up.
  • FII’s sold 2.43 lacs Futures, mostly short build-up as their net OI increased by 2201 contracts (includes 53036 longs to 57897 shorts for the day) and the average price per contract comes to around 7666.35.
  • FII’s future open contract as on date is 379369.
  • PCR Open Interest (Volume) jumped to 1.065.
  • Initial support now at 7600, with huge addition for the day at 8.55 lacs and below that at 7500 with highest OI of 55.23 lacs.
  • Initial resistance at 7700, with OI of 50.24 lacs and above that 7800 with huge OI of 51.22 lacs.
  • Day Range as per Option Table is 7525 - 7680 and as per VIX is 7561 - 7702 with 7593 as the Pivot.
Option Call for 18-06-2014
Buy Nifty 7600CE above 102 for targets of 124, 146 SL - 84
Buy Nifty 7600PE above 65 for targets of 88, 125 SL - 59

India VIX : 17.70 down by 0.28 points
Call OI : 40797500
Put OI : 43464850
PCR OI : 1.065
SMR : 16.61 (Bullish with Caution: After correcting for the last few days, the Index took a huge U-turn and closed above 7600, and as per OI table 7500 level more or less looks cemented for the series...)