Saturday, 3 December 2016
Equity Market Tips: Fresh Call at 8100, 8200 to cap Nifty
5 cues from F&O mart: Fresh Call writing at 8,100,8,200 to cap Nifty
The Nifty50 slipped below its crucial psychological support level of 8,100 on Friday, but fresh Call writing at 8,100 and 8,200 levels is likely to cap upside in the index.
Put option activity: There was hardly any Put writing on Friday but Put unwinding was seen at strike prices 8,200 (7.3 lakh contracts shed), 8,100 (3.04 lakh contracts shed), 8,000 (1.9 lakh contracts shed) and 7,900 (0.84 lakh contracts shed).
Total Put open interest of 75.90 lakh contracts stood at strike prices 8,000, which will act as a crucial base for the market in the December series, followed by strike price 8,100, which saw accumulation of 33.38 lakh contracts, while strike price 7,900 had 29.55 lakh contracts in open interest.
Call option activity: Fresh Call writing was seen at strike prices 8,100 (1.3 lakh contracts added), and 8,200 (5.9 lakh contracts added), while Call Unwinding was seen at strike price 8,300 (2.3 lakh contracts shed), followed by 8,400 (1.2 lakh contracts shed), 8,500 (0.94 lakh contracts shed) and 9,000 (0.40 lakh contracts shed).
The maximum Call open interest of 48.19 lakh contracts stood at strike price 8,300, which will act as a key resistance for the index in the December series, followed by strike price 8,400 which has accumulated 36.96 lakh contracts, while strike price 8,500 had 36.84 lakh contracts in open interest.
PCR: The Nifty50 Put-Call ratio (PCR) closed above 1 at 1.14. A PCR above 1 is considered bullish while a PCR below 1 is considered bearish.
India VIX: The India Volatility Index (VIX), a gauge of the market’s short-term expectation of volatility, contracted by 7.4 per cent to 17.93 on Friday from 16.68 recorded in the previous session.
Nifty bank: The Nifty Bank took support near 18,150 and 18,200 levels and is now headed towards the 18,500 level. “It has support near the 18,150 level, and below that, a fresh leg on the downside may start, which can drag it down by 300-400 points while on the upside hurdles are seen at 18,500 and then 18,700 levels,” Taparia said.
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