Wednesday, July 23, 2014

Option Open Interest for 23-07-2014

Inference
The index opened positive, and went on make new all time high within the first few minutes, but saw profit booking which dragged the index to touch the previous days close level. Nifty after staying in a narrow range closed strong at all time high just below 7800 at 7795.75, gain of 27.90 points. The broader market though was highly negative, with 581 advances to 956 declines. Broader range for the series is at 7600-7900.
  • Call option 7800-7800 added 6.26 lacs huge amount of OI with short covering seen at 7700 and below strike prices.
  • Put option 7900-7700 added 23.24 lacs huge amount of OI with profit booking seen at 7500 and below strike prices.
  • Nifty Open Interest is at 1,68,21,500 up by 4,22,850, with increase in price, most probably huge long build-up.
  • Bank Nifty Open Interest is at 20,56,400 down by 22,825, with increase in price, most probably short covering.
  • FII’s bought 0.66 lacs Futures, which includes 11407 long build-up and 10077 short build-up, with increase in net OI by 1330 contracts (includes 58046 longs to 56716 shorts for the day) and the average price per contract comes to around 7785.17.
  • FII’s Index future open contract as on date is 231369 Longs to 156701 Shorts.
  • PCR Open Interest (Volume) is at the highest point of the series at 1.110.
  • Initial and best support now at 7700, with huge OI of 69.87 lacs and below that at 7600 with huge OI of 60.27 lacs.
  • Initial resistance still at 7800, with OI of 46.86 lacs and above that at 7900 with OI of 54.42 lacs.
  • Day Range as per Option Table is 7724 - 7853 and as per VIX is 7736 - 7856 with 7786 as the Pivot.
Option Call for 24-07-2014
Buy Nifty 7700CE above 111 for targets of 130, 149 SL - 105
Buy Nifty 7800PE above 65 for targets of 77, 97 SL - 59

India VIX : 14.69 up by 0.05 points
Call OI : 42156850
Put OI : 46780250
PCR OI : 1.110
SMR : 13.24 (Bullish: The 7700PE writers in just 2 days have made sure that the level will be secured till expiry, with the CE writers not much active at 7800, with major resistance shifting to 7900...)