Nifty trading at discount to July series, concentration observed at 5,500 CE and 5,300 PE indicate July series to expire between 5,450 and 5,300 wherein 5,350 acting as an intermediate support. The wide range for August series on account of concentration is 5,500 and 5,300.
Option Analysis:
In July series, shedding was seen across strike in calls as well as puts with marginal writing at 5,400 CE, 5,500 CE and 5,200 PE. Major call concentration is witnessed at 5,500 CE of 126 lakh contracts and put concentration at 5,300 PE of 99 lakh contracts.
In August series, maximum addition in call is witnessed at 5,500 of 6.89 lakh contracts along with concentration whereas in puts maximum addition is seen at 5,400 of 4.1 lakh shares with concentration observed at 5,300 of 51 lakh contracts
Implications: In July series, shedding is seen across strike prices in calls as well as puts with more of call writing than put witnessed at 5,400 CE which indicates difficulty for Nifty to surpass this resistance level. On the basis of concentration we expect July series to expire in the range of 5,450 and 5,350. The wide range for Nifty for August series would be 5,300 and 5,500 on the basis of concentration.
FIIs and DIIs activity in capital market segment
· FIIs were net buyers of Rs 593 crore with Gross buyers of Rs 2,820 crore and Gross Sellers of Rs 2,226 crore.
· DIIs were net sellers of Rs 690 crore with Gross buyers of Rs 1,323 crore and Gross sellers of Rs 2,014 crore.
India VIX (Inverse relationship between Nifty and Indian VIX)
· Volatility for 28th July, 2010 close at 19.52 which is 1.56% higher as compared to previous close, after touching an intraday high of 19.81 and low of 17.96.
Implications: Indian VIX closed at its high today after witnessing fall in last 3 trading session. We expect it to move upwards and are Bullish on the same.
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