India VIX corrects further to 14.1 - Aditya Birla Money

NIFTY PCR_OI moves north at 1.03 (new series opened at 0.98), with 5700 and 5800 CE saw addition of 3 and 4 lakh shares total OI 46 and 45 lakh shares on other hand 5700 PE continue to see aggressive addition of 9.8 lakh shares with total OI at 57 lakh shares (PCR-OI of 5700 at 1.2) implying immediate short term NIFTY will find resistance at 5800-5850 zone.

INDIA VIX corrected further 5% at 14.1 closing below 15 levels, we have to watch for if sustains below 14.5-15 sustains 15 levels, Bulls will have upper hand technical rebound may continue and NIFTY may retest at 5800-5850 levels.

FIIs turned buyers in NIFTY Fut. Rs 138 Cr. (some supportive buying seen); as we enter new series INDEX Options witnessed buying 1429 Cr (hedging started as VIX moving below 14.5 levels, implying FIIs expect volatility to find support ), stock futures saw some buying 108 Cr; sellers in cash to the tune of 45 Cr. momentum on cash front coming down with hedging in NIFTY gaining momentum expecting VIX to find support, implying stiff resistance in NIFTY can be seen 5790-5840 levels.

Over all PE & CE writers were seen adding positions; Index range at 5650-5850 levels.

Source : Equity Bulls

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