1. Sellers took control from the word go and within the first 15 minutes of trade, Nifty was down 50 points and Banknifty was down 220 pts! Despite te sell off not much damage as been done to the Options table - probably because Nifty recovered quite a bit eventually closing just 20 pts below the previous close.
2. 6200 still the resistance but the stat that strikes me most is that 12L 6200PEs and 11L 6200CEs have been added in last 2 days! Someone writing a Short straddle @6200?
3. 6100 is a 50-50 level with positive bias.
4. 6000 is the current support. On Friday 23L 5900PEs got added and no OI has been cut till now, inspite of Nifty's dash @6200. As of now I am assuming that, in case market starts selling off for whatever reason, 5900 with be the worst case scenario.
5. PCR has dipped a bit fro 1.41 to 1.37 - mainly because of 6200/6300CE addition
Nifty Futures:
2Cr OI up 1.8% (3.5L shares added)
Banknifty Futures:
15.79L OI up 4.5% (0.69L shares added) -- 13.5% OI increase in last 3 sessions, with every single trader who took a positional long after expiry is now in loss. There were several failed attempts made in December to rise above 11570-11680. That band probably would provide the support is my best guess. If not, then a fall below 11520 might just open floodgates for sellers. On the long side 11780-11830 would probably act as a resistance.
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