The index opened strong just above 8600 and stayed strong throughout to make high of 8652 but closed just lower at 8627.40, still a huge gain of 61.85 points. The broader market was strong, with 1020 advances to 478 declines. Developing Range as per Option Table stays at 8300-9000.
- Call option 9000-9100 added small 0.91 lacs OI with profit booking seen at 9200 strike price.
- Put option 8700-8400 added huge 4.76 lacs OI with profit booking seen at 8300 and below strike prices.
- Nifty Open Interest is at 2,48,08,300 down by 1,33,800, with increase in price, most probably short covering.
- Bank Nifty Open Interest is at 21,14,975 up by 52,650, with increase in price, most probably long build-up.
- FII’s sold 3.02 lacs Futures, which includes 9700 contracts long liquidation and 2389 contracts short build-up, with decrease in net OI by 7311 contracts (includes 43213 longs to 55302 shorts for the day) and the Average Price comes to 8687.90.
- FII’s Index future open contract as on date is 727985 Longs to 124173 Shorts, net long 603812 down by 12089 contracts.
- Initial support is up at 8600, with OI of 33.91 lacs and below that at 8500 with huge OI of 41.43 lacs.
- Initial resistance stays at 8700, with OI of 25.92 lacs and above that at 8800 with OI of 35.08 lacs.
- Day Range as per Option Table is 8539 - 8712 and as per VIX is 8535 - 8720 with 8624 as the Pivot.
Call OI : 38681450
Put OI : 33785625
PCR OI : 0.873
SMR : 23.47 (NEUTRAL - The Option Table though not still out of the woods but looks good for the Bulls to make a come-back with a base at 8500)
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