Monday, June 23, 2014

Option Open Interest for 23-06-2014

Inference
The index opened flat and after making initial high around 7535, went down with each passing hour to the lows of the day around 7441. The index saw value buying around the lows to move up and close just weak at 7493.35, a loss of 18.10 points. The broader market was just positive, with 782 advances to 745 declines. Expected range for the series now at 7400-7600.
  • Call option 7500-7700 added 18.46 lacs huge amount of OI with profit booking seen at 7800 and above strike prices.
  • Put option 7000 added 0.90 lacs huge amount of OI with short covering seen at 7500 and above strike prices.
  • Nifty Open Interest is at 1,35,54,700 down by 4,10,250, whereas next series added 15.82 lacs with decrease in price, most probably 100% rollover with huge short build-up in next series.
  • Bank Nifty Open Interest is at 21,50,625 down by 77,650, whereas next series added 1.87 lacs with increase in price, most probably 100% rollover with long build-up in next series.
  • FII’s sold 0.23 lacs Futures, mostly short build-up as their net OI increased by 24414 contracts (includes 80519 longs to 80977 shorts for the day) and the average price per contract comes to around 7518.82.
  • FII’s future open contract as on date is 398885.
  • PCR Open Interest (Volume) is near the lows of the series at 0.872.
  • Initial and best support still at 7500, with huge OI of 49.29 lacs and below that at 7400 with OI of 47.27 lacs.
  • Initial and best resistance at 7600, with highest OI of 74.88 lacs and above that 7700 with huge OI of 68.48 lacs.
  • Day Range as per Option Table is 7417 - 7566 and as per VIX is 7419 - 7568 with 7490 as the Pivot.
Option Call for 24-06-2014
Buy Nifty 7500CE above 54 for targets of 79, 113 SL - 48
Buy Nifty 7500PE above 47 for targets of 62, 83 SL - 41

India VIX : 18.96 up by 0.11 points
Call OI : 46348050
Put OI : 40418100
PCR OI : 0.872
SMR : 21.74 (Neutral to Bearish: The Bears for the time being has taken full control of the Option Table with 7600 now resistance for the series, and most probably the index may expire below it...)