Nifty PCR OI corrects sharply at 0.96 - Aditya Birla Money

NIFTY PCR_OI corrects sharply at 0.96 (below new series opened at 0.98), with 5700 and 5800 CE saw addition of 5 and 11 lakh shares total OI 49 and 56 lakh shares on other hand 5600 PE continue to see aggressive addition of 1.2 lakh shares with total OI at 84 lakh shares (PCR-OI of 5700 at 1.2) implying immediate short term NIFTY will find support at 5550-5600 zone.

INDIA VIX moved up 5% at 14.8 closing below 15 levels, we have to watch for if moves above 15-15.5 and sustain above this levels, Bears will have upper hand put pressure on NIFTY may retest at 5550-5600 levels.

FIIs turned sellers in NIFTY Fut. Rs 722 Cr. (some fresh shorts seen); as we enter new series INDEX Options continues to witness buying 2035 Cr (hedging started as VIX rebounding from 14.5 levels, implying FIIs expect volatility to increase), stock futures saw buying 502 Cr; sellers in cash to the tune of 358 Cr. momentum on cash front coming down with hedging in NIFTY gaining momentum expecting VIX to find support, implying NIFTY may retest 5550-5600 levels.

Over all PE & CE writers were seen holding positions; Index range at 5550-5850 levels

Source : Equity Bulls

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