Yesterday Nifty closed down 35.50 points at 5870.10 while Nifty futures closed at 5930.30, premium of 60.20 points. FIIs sold in cash segment, Worth 132.68 Crores, DIIs bought in Cash segment, worth 132.77 Crores, FIIs sold in index futures, Index option, stock futures net sold worth 1236.91 Crores. Now again Most active Nifty call Options were 5900 & 6000, While most active Nifty Put Options were 5900 & 5800.
Yesterday FIIs bought 100058 contracts of Index futures and sold 115207 contracts of Index futures which come to net sell of 15149 contracts worth 426.74 crores with net open interest decreasing by 295045 contracts.
Considering all above facts it seems that FIIs squared all long and short positions due to expiry. Huge decreased in Open Interest was due to expiry, so don’t raise your eyebrows, it happens on every expiry.
6000 Call adds 11.7 lakh shares in Open Interest, 5800 Put adds 4.6 lakh shares in Open Interest, 5700 Put adds 3.9 lakh shares in Open Interest, 5900 Put adds 4.3 lakh shares in Open Interest, 6100 Call adds 5.4 lakh shares in Open Interest, 5900 Call adds 6.7 lakh shares in Open Interest,Total Nifty Futures added 30.2 lakh shares in OI, Nifty PCR at 0.88 versus 1.12, India VIX closed at 13.74 down by 2.55%
Yesterday Nifty futures opened with a bang in January series and it was looking good when open, but the rally fizzled from the day open and slide heavily. We closed the series negative close by 100 points, showing momentum lost at the end of series.
Our view still remain intact, yes…Buy on dips is the best strategy at this point of time with strict stop loss of 5813. No need to panic till it trades above 5813.
Now today it has a immediate intraday support at 5891 which seems to be strong support. Upper side expect it to zoom to 5971, cross over will take this to 6007.