Monday, September 8, 2014

Option Open Interest for 08-09-2014

Inference
The index opened gap-up around 8133, but stayed in a narrow range thereafter only to see the index accelerate towards the end of day to the highs, but closed just below at 8173.90, huge gain of 87.05 points. The broader market was also positive, with 1155 advances to 389 declines. The range for the series is now at 8000-8300.
  • Call option 8300-8500 added huge 8.71 lacs OI with short covering seen at 8100 and below strike prices.
  • Put option 8200-7900 added huge 43.45 lacs OI with profit booking seen at 7800 and lower strike prices.
  • Nifty Open Interest is at 1,58,36,750 up by 5,04,700, with increase in price, probably huge long build-up.
  • Bank Nifty Open Interest is at 19,55,550 up by 1,13,425, with increase in price, probably long build-up.
  • FII’s bought 2.40 lacs Futures, which includes 7669 contracts long build-up and 2870 contracts short build-up, with increase in net OI by 10539 contracts (includes 35043 longs to 30244 shorts for the day) and the average price per contract comes to around 8187.23.
  • FII’s Index future open contract as on date is 223390 Longs to just 55390 Shorts, net long 168000 contracts.
  • Initial support at 8100, with huge addition of 15.26 lacs OI for the day and below that at 8000 with highest OI of 84.59 lacs.
  • Initial resistance at 8200, with huge OI of 55.61 lacs and above that at 8300 with OI of just 49.66 lacs.
  • Day Range as per Option Table is 8112 - 8213 and as per VIX is 8119 - 8229 with 8160 as the Pivot.
Option Call for 09-09-2014
Buy Nifty 8100CE above 139 for targets of 150, 165 SL - 128
Buy Nifty 8200PE above 99 for targets of 113, 139 SL - 94

India VIX : 12.79 down by 0.15 points
Call OI : 33022800
Put OI : 41838700
PCR OI : 1.267
SMR : 10.09 (Bullish: After 2 days of sideways action, the PE writers came back with a vengeance with 8000 level now a rock solid support, 8200 still remains the best resistance...)