In Today trading session, market rallied on back of long build which was reflected in open interest and Nifty trading at premium. On Option front, CE activity was more than PE by ~14 lakh shares. Major CE activity was seen at 5,600 and 5,700 which added fresh open interest of ~11 lakh and 5.1 lakh shares on the other side PE activity was more at 5,300 and 5,200. Currently, concentration of Call and Put observed at 5,500 and 5,300. So, we believe market to take strong support at 5,300 and would bounce back from there on. So, We would recommend traders to create fresh long position below 5,300 with target of 5,500.
India VIX (Inverse relationship between Nifty and Indian VIX)
· Volatility for 28th February, 2011 close at 24.4 which is 10.5% lower as compared to previous close, after touching an intraday high of 27.9 and low of 22.4
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