1. During that volatile session, most of options action was concentrated at two strikes 5900 and 6000. The bulls are doing the right moves but they don't look to be in any hurry to take this market up.
2. 6000 still a resistance and to be crossed successfully, it needs strong buying in Nifty futures, some 20L call covering @6000CE and another 20L put addition @6000PE
3. 5900 is still a 50-50 level, although bulls now have very good edge due to almost 9L 5900PEs added yesterday
4. 5800 is still strong support with 86L OI @5800PE and adding everyday
5. PCR up from 1.26 to 1.27
Nifty Futures:
2.4Cr OI up 3% -- Finally some sign of longs after only short covering last few days? Follow up action will confirm.
Banknifty futures:
13.4L OI up 2.75% -- Looks to be shorts again but the shorts in the last week have not been able to push prices much lower.
What I am watching this week?
Three private banks - AXISBANK, FEDERALBNK & the big daddy ICICIBANK. There has been some decent OI addition in FEDERALBNK & AXISBANK
AXISBANK OI up 28% in last 5 sessions
FEDERALBNK OI up 45% in last 7 sessions
Watch for price action these stocks because to me "Open Interest = Trading Interest"
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