What a day it was in Nifty, and it happened as said yesterday, we got a 100 points move with the index initially moving up to the highs of the day at 5965 (Future making a high of 6002.85) and then nose-diving to the lows of day at 5865. Some responsive buying towards the end saw the index close just below 5900 at 5898.80 a small loss of 10.10 points. The broader market was very weak, with 476 advances to 1063 declines. The OI Table saw 6000CE OI crossing 1 crore for the first time in the series.
Call option 5900-6200 added 22.97 lacs huge amount of OI with some short covering seen at 5800 and below strike prices.
Put Option 6000-5800 added 10.55 lacs huge amount of OI with some profit booking seen at 5700 and below strike prices.
Highest accumulation on Call option 6000 at 1.03 crore & 6100 at 61.8 lacs whereas Put option 5800 at 78.8 lacs & 5500 at 70.0 lacs.
Nifty Open Interest is at 2,03,38,150 down by huge 1,97,850, with small decrease in price, most probably short build-up.
Bank Nifty Open Interest is at 12,89,275 down by huge 1,25,700, with decrease in price, most probably long liquidation.
FII’s bought huge 8.1 lacs of Futures, most probably long build-up as their OI also increased by 3886 contracts, and the average price per contract comes to around 5850.
FII’s future open contract as on date is 391484.
PCR Open Interest (Volume) is down a bit due to huge profit booking at 5700 and lower level PE’s and now at 1.234.
Support at 5800 now looking strong enough with OI above 78.8 lacs and below that at 5700 with OI of 59.1 lacs.
6000CE saw OI of above 1 crore and is now a super strong resistance, and above that at 6100 with OI of 61.8 lacs.
Range as per Option Table is 5863 -5951 and as per VIX is 5854 - 5944 with 5910 as the Pivot.