Options/futures data for 6th Jan (EOD)

Summary:
1. With sellers applying relentless pressure and buyers not stepping up, at the lows of yesterday - Nifty was down 160 points and BN was down 730 points! Same story with options too - for past couple of days call writers are dominant and put writers have gone to the hiding and are even covering @6200PE/6100PE. 
2. 6200 now looks a mountain and 6100 has become the first resistance with that massive call writing -- 10L @6200CE & almost 20L @6100CE
3. 6000 is the current support and interesting to note that by 3:30 NSE website was showing 7L of 6000PEs were added but in the EOD report, all that showed up was peanuts -- 0.4L!
4. PCR has dipped from 1.31 to 1.24!


Nifty Futures:
1.99Cr OI up 0.6% (1.35L shares added) -- compared to the amount of calls written @6200/6100, this OI increase is very little. So most the 6200CE/6100CEs are naked call writers. Either they are are dumb or extremely confident. Only next couple of days will tell.


Banknifty Futures:
14.8L OI down 3.7% (0.57L shares cut) -- Of the 1.7L shorts added on Monday/Tuesday, almost 1L have been covered in last 2 days. if 11220-11180 holds then it could make an attempt towards 11440-11480 and subsequently to 11580. If 11180 is breached with volumes then next stop should be Dec 2nd week swing low of 11040 and may be more pain is coming.


Banks update:

1. SBI: Another shorts 5% added! Making it NET 35% OI increase in 4 trading sessions. And SBI has broken the Dec 2nd week swing low. Will Banknifty also breach Dec 2nd week swing low and head below 11000?
2. ICICIBANK: Most of shorts added in the previous day were covered.
3. HDFCBANK: HDFCBANK has survived the sell off to some extent but on Monday it had a pretty big OI addition of 16%. So watch out of breach of 2308-2288 and it could join ICICIBANK/SBI in sell off carnival. (2355 should be stop loss for shorts and a good entry should be 2345-2330 targeting 2308-2288-2240)