Options/futures data for 1st Feb 2011 (EOD)

Summary:
1. Yet another day of wipe out of all the effort made the previous day by the bulls. Range suggested by options is 5400-5600.
2. 5600 is the resistance but given that it has only 44L calls vs 36L puts - that also looks more like a 50-50 level.
3. 5500 suddenly became a 50-50 level because of the 27L calls written yesterday.
4. 5400 is a strong support. 80L puts on the 3rd day of a series is pretty good by any historical standards.
5. PCR dipped from 1.27 to 1.15 mainly because of the calls added @5400-5600


Nifty Futures:
2.23Cr OI up 9% (18L shares added) - That's blockbuster addition. If I view this along with 27L calls addded @5500 and 13L 5400CEs added. I believe that most of them are covered calls (Long Nifty Futures + Short 5500CE or 5400CE)


Banknifty Futures:
12.2L OI flat - None of the yesterday's 1.4L OI added have covered despite an almost 200+ point intraday fall!