Thursday, July 24, 2014

Option Open Interest for 24-07-2014

Inference
The index opened flat, and dipped to the lows of the day around 7772, within the first few minutes of trade. Nifty saw volatile moves within a narrow range for the better part of the day only to see the buyer coming back in the last hour to move the index above 7800 and a all time high closing at 7830.60, gain of 34.85 points. The broader market was flat, with 762 advances to 762 declines. Broader range for the series is at 7700-7900.
  • Call option 7900-8200 added 7.34 lacs huge amount of OI with short covering seen at 7700 and below strike prices.
  • Put option 7900-7700 added 23.18 lacs huge amount of OI with profit booking seen at 7600 and below strike prices.
  • Nifty Open Interest is at 1,64,51,000 down by 3,70,500, with increase in price, most probably huge short covering.
  • Bank Nifty Open Interest is at 18,93,575 down by 1,62,825, with increase in price, most probably huge short covering.
  • FII’s sold, yes sold 1.08 lacs Futures, which includes 5578 contracts long liquidation and 3410 contract short covering, with decrease in net OI by 8988 contracts (includes 45694 longs to 47862 shorts for the day) and the average price per contract comes to around 7827.64.
  • FII’s Index future open contract as on date is 225791 Longs to 153291 Shorts.
  • PCR Open Interest (Volume) has moved up to 1.137.
  • Initial support now at 7800, with huge addition of 17.04 lacs and below that at 7700 with huge OI of 72.15 lacs.
  • Initial resistance now at 7900, with OI of 57.03 lacs and above that at 8000 with highest OI of 80.34 lacs.
  • Day Range as per Option Table is 7733 - 7878 and as per VIX is 7770 - 7891 with 7813 as the Pivot.
Option Call for 25-07-2014
Buy Nifty 7800CE above 64 for targets of 77, 90 SL - 55
Buy Nifty 7800PE above 44 for targets of 58, 84 SL - 39

India VIX : 14.72 up by 0.03 points
Call OI : 41839900
Put OI : 47567750
PCR OI : 1.137
SMR : 12.95 (Bullish with Caution: After taking control of 7700PE, the Bulls have set their eyes on 7800 level now with huge addition of 17.04 lacs for the day, resistance now shifting to 7900 for the time being...)