Options/futures data for 2nd Feb (EOD)

Summary:
1. Yet another day of disappointment for bulls with options table not undergoing much of a big change. What is interesting to notice here is in the past 4 sessions not many are willing to write 5600 calls but they seem to be writing 5400/5500/5700CEs. My thinking is that 5400/5500CE writers are also holding long in Nifty futures. 5700CE writers think that they have some buffer till expiry(?) Will 'buy what is scarce' trade (5600CE) work today? 
2. Range suggested by options table is still 5600-5400. 5600 is the weak resistance because OI of 5500CEs is 62L whereas OI of 5600CEs is 48L.
3. 5500 is the 50-50 level with negative bias
4. 5400 is the strong support
5. PCR slightly changed from 1.15 to 1.16


Nifty Futures:
22L OI down 1% (2.3L shares cut). Still a massive 16L shares added yesterday remain! No calls covered & no Nifty futures covered. Expect some action today?


Banknifty Futures:
11.5L OI down 6% (0.7L shares cut) -- That's 50% of 1.4L added 2 days back cut. Sometimes in all the pessimism thrown by media we forget to look at the optimistic data. Inspite of almost 200+ fall in Nifty, Banknifty has not broken the low made on Jan 17th and SBI is still 100 points above its Jan low. Until Banknifty goes below 10380, there is hope in the market!