Options/futures data for 6th Oct (EOD)

Summary:
1. 6300CE writers are turning out to be the ones getting this right so far. Market is not able to sustain above 6225 as selling gets strong in the 6245-6225 range. 6200CE writers not showing much conviction yet but if another 15-20L get @6200CE added we might see a top for this leg of rally soon.
2. For the bulls 6100PEs not adding much is a big sign of worry because we have had 4 sessions closing above 6100 and yet not much of 6100PEs are added. Puts adding only at 6000, which is the current support
3. Some weird stuff happening at 6500CE and 5700PE/5800PE. Open interest increased by 10L @6500CE and 9L OI cut@5700PE. No conclusions until market makes a strong move in either direction.
4. PCR has reduced from 1.35 a couple of days back to 1.27 - call writing is dominant. This is very different from what we saw last month.


Nifty Futures:
2.7Cr OI down 10L - definite profit booking taking full advantage of the gap up!


Banknifty Futures:
16.8L OI flat - BN OI is down 50% from its august peak @11100 & almost 40% down from its SEP peak @11600. This is a big concern for bulls because at higher levels there is a lack of conviction from buyers. And in market if something can't go up it goes down!


Banknifty Components:

1. SBI - looks like a breaking down. Not able to sustain above 3260
2. ICICIBANK - Not able to sustain above 1160.
3. HDFCBANK - After 9% OI reduction on 5th Oct with a 2% price down, I was thinking shorts covered. Didn't show much conviction yesterday. The gap up was promptly shorted!
4. AXISBANK - Again 1590-1595 is acting as big resistance.  
When 3 out of 4 banks that make 70% of Banknifty go down below Pivot/S1 and 2 of them even below S2 (SBIN/AXISBANK), we know the index is not looking strong. 


Shai has explained in live sessions that a break of 12635-12750 (BN futures) will give fast moves in either direction because we have known Banknifty to be a big mover, whichever way it moves!