Nifty opened weak on the back of bad global cues and saw huge selling pressure from the word go. The index went down with each passing hour and saw no buying activity at all to close below the psychological level of 5600 at 5542.25, a huge loss of 143.15 points. The broader market was very weak, with 243 advances to 965 declines. Range moving lower now at 5400-5900 for the time being. Nifty Open Interest is at 1,66,99,400 up by 14,55,050, with decrease in price, most probably huge-huge short build-up. Bank Nifty Open Interest is at 24,78,725, up by 2,20,300, with decrease in price, most probably huge short build-up. FII’s sold 10.44 lacs Futures, mostly short build-up, as their net OI increased by 71563 contracts and the average price per contract comes to around 5439.47. Day Range as per Option Table is 5497 - 5641 and as per VIX is 5476 - 5608 with 5576 as the Pivot. India VIX : 22.73, up by 1.84 points Call OI : 39486800 Put OI : 36423000 PCR OI : 0.922 SMR : 24.64 (Bearish: The Bears came back with a vengeance today to close the index below the psychological level of 5600, taking full control of the Option Table, can the Bulls pull off a miracle to save themselves...)
Posted on: Wed, 07 Aug 2013 01:26:59 +0000
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