Sunday, March 6, 2016

Option Open Interest for 04-03-2016

Inference
The index opened above 7505 but was unable to sustain and went down to touch the lows of the day at 7444 within the first few minutes of trade. The index stayed in a narrow range oscillating around the previous day’s close but saw huge buying around last hour to close near the highs at 7485.35, gain of 9.75 points. The broader market was strong with 959 advances to 597 declines. The range stays at 7000-7600.
  • Call option 7400-8000 added huge 24.15 lacs OI with short covering seen at 7300 and below strike prices.
  • Put option 7700-7000 added huge 19.21 lacs OI with profit booking seen at 6900 and below strike prices.
  • Nifty Open Interest is at 2,22,23,775 up by 8,99,475, with increase in price, most probably huge long build-up.
  • Bank Nifty Open Interest is at 19,63,590 down by 28,980, with increase in price, most probably short covering.
  • FII’s bought 0.51 lacs Futures, which includes net 9374 contracts long build-up and 7336 contracts short build-up, with increase in net OI by 16710 contracts, includes 34231 longs to 32193 shorts for the day.
  • FII’s Index future open contract as on date is 143387 Longs to 133972 Shorts, Net 9415 up by 2038 contracts.
  • Initial support at 7400, with OI of 34.74 lacs and below that at 7300 with OI of 41.99 lacs.
  • Initial and best resistance at 7500, with OI of 58.49 lacs and above that at 7600 with OI of 42.64 lacs.
  • Day Range as per Option Table is 7380 - 7576 and as per VIX is 7415 - 7555 with 7478 as the Pivot.
India VIX : 17.88 down by 0.16 points
Call OI : 47544225
Put OI : 54195525
PCR OI : 1.140
SMR : 15.69 (Bullish : The index still around the best resistance zone, a huge gap- up may change the equation or else some profit booking may be seen, stay cautious at higher levels...)