FnO Datasheet 13-09-2011

An absolute indecision day. Indecisive in the sense that, it did not give us any clue on our future journey. Institutions made merry by doing a lot of day trading. My notes:

1. FII have net bought 6K contracts, however their OI has largely remained unchanged. However, they traded in decent volumes. It suggests that they have been day trading today. The 6K contract buying did not reduce OI even to that extent means, they have sold 6K contracts extra in the morning @ higher prices. :)
2. The indecision is evident in the NF OI as well. NF OI has increased by a meager 75K contracts. Further, NF closed yesterday @ 4942.45. Today it closed @ 4941.60 - An absolute doji. So, more or less it has been a day traders' delight. We had a range of 140 points. 
3. PCR has increased from 1.09 to 1.14. Slightly bullish in nature. The entire option writing play surrounded around Puts being added at various strikes below 4700 and the call writing @ 5000. The PE writers have been experiencing some bitter moments for the last 40 days or so - which is exemplified in the nature in which the Puts are written - at different strikes from 4400PE to 4700PE. In essence not much conviction is seen in PE writing.
4. The 13L call writing @ 5000CE deserves attention. It is hard to think that it can be the smart money. My gut feeling is - it is the over confident bears. We will come to know soon.
5. Where do we go from here? Bulls are bears have equally convincing arguments. The certainty of their conclusions is what causes the uncertainty perhaps. :) From my end I can not offer any more conclusions based on today's trading. Even the VIX has a doji. :) Let us wait for the future action to unfold and guide us. "Remember the Bar-O-Meter" is the only piece of advice that I can give you at this moment. A scare to the 5000CE writers looks a probable option.
6. You can find the entire data sheet here.