Nifty future is trading at a premium to September future. On account of call writing and concentration at 6,000 along with put shedding witnessed on Wednesday’s trading session we expect 6,000 to act as a resistance for September expiry whereas the downside is limited to 5,900 on put concentration than call. Thus we expect Nifty to expiry between 6,000 and 5,900.
Option Analysis:
· Call writing: In September series, major call concentration is witnessed at 6,000 CE of 76 lakh shares along with fresh writing of 24.2 lakh shares. In October series, maximum concentration is seen at 6,000 CE where the total outstanding open interest is 32.5 lakh shares.
· Put Writing: On the other hand, in September series, put concentration is witnessed at 5,400 PE and 6,000 PE of 90 lakh and 68 lakh shares and major writing at 6,100 PE and 6,000 PE. In October series, maximum concentration is seen at 5,800 PE where the total outstanding open interest is 33 lakh shares.
Implications: In September series, fresh call writing and maximum concentration as well as put shedding at 6,000 CE indicates that it would act at resistance for September series. Whereas the downside is limited to 5,900 on account of put concentration. Thus the range for expiry tomorrow would be 6,000 and 5,900.
FIIs and DIIs activity in capital market segment
· FIIs were net buyers of Rs 756 crore with Gross buyers of Rs 3,674 crore and Gross Sellers of Rs 2,918 crore.
· DIIs were net sellers of Rs 835 crore with Gross buyers of Rs 1,057 crore and Gross sellers of Rs 1,893 crore.
India VIX
· Volatility for 29th September, 2010 close at 22.16 which is 4.5% higher as compared to previous close, after touching an intraday high of 22.57 and low of 18.8.
Implications: Indian VIX surged in today’s trading session. We expect it to move upwards and we are Bullish on the same.
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