The index opened strong around the highs of the day at 8728 but profit booking saw the index dip to the lows of the day around 8638 but closed a tad higher at 8678.25, loss of 33.10 points. The broader market was negative with 611 advances to 987 declines. Range stays at 8500-9000.
- Call option 8700-9100 added 13.21 lacs OI with profit booking at 9200 and above strike prices.
- Put option 8700, 8400-8000 added 7.83 lacs OI with short covering at 8900 and above strike prices.
- Nifty Open Interest is at 2,46,41,925 down by 29,250, with decrease in price, most probably long liquidation.
- Bank Nifty Open Interest is at 19,54,720 up by 1,15,280, with no change in price, most probably long/short build-up.
- FII’s bought 2539 contracts of Index Futures, which includes net 5647 contracts long build-up and 3108 contracts short build-up, with increase in net OI by 8755 contracts, includes 24004 longs to 21465 shorts for the day.
- FII’s Index future open contract as on date is 296983 Longs to 42673 Shorts, Net long 254310 contracts.
- Initial support stays at 8600, with OI of 45.49 lacs and below that at 8500 with OI of 55.20 lacs.
- Initial resistance at 8700, with OI of 37.66 lacs and above that at 8800 with OI of 51.27 lacs.
- Day Range as per Option Table is 8619 - 8743 and as per VIX is 8612 - 8745 with 8682 as the Pivot.
Call OI : 38253450
Put OI : 36356325
PCR OI : 0.9504
SMR : 15.30 (Bullish : The Bears are on the verge of making sure that 9000 is not scaled for the series, downside support still very good at 8500; range play possible...)
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