Options/futures data for 14th Sep (EOD)

Summary:

1. Last few days in options world, we have seen something that's never seen before! Two words to describe options action "messed up". And its a call writers' nightmare for sure. Calls being covered furiously across all strikes 5500-5800. Can't blame them because some of these call writers have lost their shirts in last few days.

2. Only at 5900 - some call writers are willing to write calls - but not much though. So this market has NO STRONG RESISTANCE from options point of view - except for the fact that 5700CEs vs 5700PEs is still high.

3. On the other hand put writers are not willing to come out and write a lot of puts at some strike. But at least they are writing some at 5700 & 5800.

4. PCR is almost about to enter the danger zone. Now at 1.73 - one more day of action like this and we might put a temporary top here. PCR will cool off if the beaten down call writers start writing somewhere.

Nifty Futures:

SEP: 3.7Cr OI down 3.7% -- Some shorts covered here

OCT: 33L OI up 6.8%

Banknifty Futures:

27L OI down 1.6% -- BN short covering continues

Composite profile of Nifty from 1st SEP:

Trading well above VWAP & just above the value area from 1st SEP. Buyers in full control of this market. May be some consolidation is expected at current levels.