Options/futures data for 6th Sep (EOD)

Summary:

1. Two words come to my mind after looking at options data for Monday - "Mind Blowing". In one day of trade 5500 went from 'resistance to support' - well almost. 15L of 5500CEs covered and 23L of 5500PEs added . All we need is another 20L of 5500PEs to be added to make 5500 the "new floor" to this market for SEP series.

2. With 1Cr OI at 5600CE - 5600 becomes the first resistance. Bulls are working @5600 too with 21L of 5600PEs added but call vs put imbalance is way too much at 5600. That doesn't rule out a dash at 5630/5640 at all. But for that to happen we need some domestic/global trigger.

3. 5400CE writers have no choice but to cover. And 5700CEs getting added frenetically makes 5700 the second big resistance. So option writers are seeing the range for this series as 5400-5700.

Nifty Futures:

3.56Cr OI up 2.5%

Banknifty Futures:

25L OI down 0.3% - Some shorts being squeezed out of BN

Top traded Stock futures:

1. TATASTEEL - OI flat

2. RELIANCE - OI down 1.76% - short covering

3. TATAMOTOTS - OI flat

4. SBIN - OI down 1.8% - short covering

5. ICICIBANK - OI up 2.2% - long addition

Top traded non-index stock futures;

1. BAJAJ-AUTO - OI up 46%!! The classic short HEROHONDA long BAJAJ-AUTO trade happening now

2. JSWSTEEL - OI up 1%

3. APOLOTYRE - OI up 10%

4. HINDPETRO - OI down 2.6%

Top traded stock options:

1. TATASTEEL 580CA. - OI up 174% -- Lot of 540CA & 560CA covered and 580CA added

2. RELIANCE 1000CA - OI up 1.9%

3. TATASTEEL 560CA - OI down 21%

4. RELIANCE 960CA - OI down 10%

5. TATAMOTORS 1040CA - OI up 16%