Sunday, June 22, 2014

Option Open Interest for 20-06-2014

Inference
The index opened flat and stayed in a very narrow range of 40 points for the better part of the day, but saw selling pressure around the end of the day to close near the lows at 7511.45, a loss of 29.45 points. On a week on week basis the index lost 30.65 points or 0.41%. The broader market was also weak, with 591 advances to 968 declines. Expected range for the series now at 7400-7700.
  • Call option 7500-7600 added 4.39 lacs huge amount of OI with profit booking seen at 7900 and above strike prices.
  • Put option 7500-7300 added 6.43 lacs huge amount of OI with short covering seen at 7600 and above strike prices.
  • Nifty Open Interest is at 1,39,64,950 down by 2,46,900, whereas next series added 3.56 lacs with decrease in price, most probably 100% rollover with short build-up in next series.
  • Bank Nifty Open Interest is at 22,28,275 down by 1.00,725, whereas next series added 0.68 lacs with decrease in price, most probably some rollover with long liquidation.
  • FII’s bought 0.51 lacs Futures, mostly long build-up as their net OI increased by 2677 contracts (includes 49087 longs to 48060 shorts for the day) and the average price per contract comes to around 7526.24.
  • FII’s future open contract as on date is 374471.
  • PCR Open Interest (Volume) is still at 0.897.
  • Initial and best support still at 7500, with huge OI of 52.40 lacs and below that at 7400 with OI of 47.29 lacs.
  • Initial and best resistance at 7600, with highest OI of 70.06 lacs and above that 7700 with huge OI of 66.89 lacs.
  • Day Range as per Option Table is 7444 - 7595 and as per VIX is 7437 - 7586 with 75 as the Pivot.
Option Call for 23-06-2014
Buy Nifty 7500CE above 78 for targets of 95, 123 SL - 72
Buy Nifty 7600PE above 99 for targets of 116, 133 SL - 89

India VIX : 18.85 up by 0.11 points
Call OI : 46436050
Put OI : 41640150
PCR OI : 0.897
SMR : 16.61 (Neutral to Bearish: Nifty correction is still lingering on with the Bulls holding the psychological level of 7500, and 7600 level now looks like super resistance, may see some range bound days till expiry...)