Options/futures data for 8th Sep (EOD)

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Here's updated options table:

Summary:

1. The options action for 8th Sep can be summarized as -- "Jitters at higher levels". I say this because nothing has changed the bullish undertone but some actions like 5500PEs covering & no sign of 5600CE covering.

2. The immediate range from options data is 5500-5600 with a slight bias towards 5500 because of the stubbornness of 5600CE writers not to cover calls even when Nifty visited 5620+. Bulls have not given up either because 5600PEs are still adding but still its "work in progress". So a visit towards the supports @5540-5550 is not ruled out in a day or two

3. PCR is now at 1.47 levels - still not alarmingly high though.

Nifty Futures:

3.7Cr - OI almost flat. -- Indicates caution at higher levels from participants not keen on addding to OI.

Banknifty Futures:

24.6L OI down 0.64% -- I was comparing BN OI in the first week of Aug and whats interesting is now OI is almost down 20%!! And from OI peak around mid august its down 30%!! Making newer high in Banknifty with 20%-30% lower OI is a sign of caution that the trend could be weakening as profit booking is seen at higher levels. We need to see another 2-3% rise in BN with 10-15% OI addition this series to negate this weakness. But this is an index where shorts have had a hard time all of last 2-3 months. So be careful in going outright short in this index!

Top traded stock futures:

1. SBIN - OI up 9% -- longs added

2. TATASTEEL - OI up 3.25% -- mixed action

3. TATAMOTORS - OI flat

4. RELIANCE - OI flat

5. ICICIBANK - OI up 1.45% - mixed action

Top traded non-index futures:

1. HINDPETRO - OI up 9.8%

2. IDBI - OI up 17% - breakout on good volumes and very good OI addition. Seems like a good addition to your portfolio. Accumulate on dips.

3. HDIL - OI up 5% -- longs added

4. JSWSTEEL - OI down 1.45% - mixed action

5. ACC - OI up 5% - Entire cement pack has done very well lately.

Top traded options:

1. SBIN 2900CA - OI up 31% -- some call writers betting against SBI

2. UNITECH 85CA - OI up 10%

3. TATASTEEL 580CA - OI up 10% -- from last two days calls written here

4. TATASTEEL 600CA - OI up 32% -- some speculators betting on TATASTEEL

5. SBIN 2850CA - OI down 12% -- call writers forced to cover!