Summary:
1. 6200 is the new emerging resistance with 12L calls written in last two days. Interestingly despite a visit to 6070 (SPOT), not much call writing seen at 6300. We saw this trend from Friday and only speculation I have is a visit to towards 6185-6200 is possible in coming sessions.
2. Speculative call buying at 6400 and some weird activity at 6500CE continues.
3. 6000 is the strong support with an OI of 83L. Some 6100PEs were also written.
4. PCR has increased from 1.27 to 1.3 - nowhere near last month's 1.8-2.0 range
Nifty Futures:
2.6Cr OI flat -- Still no signs of any big shorts or longs
Banknifty Futures:
16L OI down 4.6% -- Its truly amazing that the index has lost more than 55% OI from its August levels and more than 45% from its SEP levels. Only thing I can say that "Bears are scared to short this index & Bulls are not aggressive at these levels".
Because of lack of Big OI in Banknifty in the last few trading sessions, we have seen 8-10 points difference between bid/ask price. I hope this OI deficiency gets resolved one way or the other.
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