Summary:
1. 6100 has finally proven to be the resistance as the call writers there seem to know what they are doing unlike call writers at the beginning of this month.
2. 6000 is still a decent support with 82L puts vs 53L calls. Although the intraday fall yesterday made a few put writers cover.
3. Quite a bit of calls were covered @5900 indicating that the expiry could be definitely higher than 5900. So the immediate range for Nifty is 6000-6100
4. PCR is at 1.94 and my yesterday's quote "with PCR so high, a serious rise from here is not possible pre-expiry" - is still valid.
Nifty futures:
SEP: 2.53 Cr OI down 18% (55L shares were cut) - The heaven sent gap up was used by longs to book profits.
OCT: 1.34Cr OI up 32% (32L added to OI) - 2/3rd were rolled over rest profit booked!
Banknifty Futures:
SEP: 17L OI down 6% (1.1L shares cut from OI)
OCT: 6.5L OI up 25% (1.3L shares added to OI) -- First time rollovers were decent. But still BN has had a lot of profit booking from its breakout point.
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