Markets lost 0.82% on account of Long unwinding observed through narrow down of premium with marginal decline in open interest and PCR declining from 1.40 to 1.33 which indicates more of put writing than call writing. On Options front, we have seen more call activity than put but the activity was seen at higher levels. 5,700 and 5,500 CE added fresh open interest of 6.1 and 4.7 lacs shares. However, fresh PE writing was seen lower levels like 5,300 and 5,200 of 3.8 and 8.7 lacs shares. Concentration of CE and PE stands at 5,600 and 5,400. We expect market to bounce back from current level on back of PE concentration with no fresh CE writing at lower levels and this positive momentum would continue and till 5,500. So, march expiry to remain in range bound of 5,400 at lower side and 5,500 at higher side. So, traders can create long position at current levels and book partial profits at 5,550.
India VIX (Inverse relationship between Nifty and Indian VIX)
· Volatility for 11th March, 2011 close at 24.1 which is 2.5% higher as compared to previous close, after touching an intraday high of 25.2 and low of 22.9.
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