FnO Datasheet 21-09-2011

"I will be viewing all rallies with suspicion till they convincingly cross 5174" NF made a high of 5173 today. Hope, you were able to benefit from it. 
My notes:

1. Today has been the lowest FII trading volume in the entire series. They have net sold 3.6K contracts worth 88 crore. Though, the trading volumes are less, they have closed positions in 29K contracts ahead of an important event FOMC. 
2. Equity volumes continue to be minimal. The whole month is characterized by FnO driven rallies and falls. The 16 point premium on NF vanished today completely. As we reach towards the final week of the series, we are still direction-less and the entire game is being played only in FnO segment.
3. NF shorts are running for cover. Today another 12L shorts covered today. It is interesting to note that, the series high OI is on 13th Sep, when NF closed at 4941. Today, after a 200 point rally @ 5141, approximately 25% shorts ran for cover.
4. PCR has slightly decreased today to 1.15. Though, there is a fall of 60 points from the day high, not much call writing is visible any where in the option table. The fall has been used by call writers to get out of their positions. A meagre 2L addition of 5200CE is the notable part. On the other hand, put writers continue to be aggressive. The continued writing at 5200PE is evidence for it. The most striking aspect of today's option table is the 11L writing @ 4800PE at Rs.6-8. Why 4800, when we are trading 300 points above?  A bit perplexing. FII option writing volumes today are not very high - so it may not be them. Who else? 
5. FII average OI price fell slightly by 6 points and reached 5096. We can continue to use this number as SAR. Yesterday, the number was 5104 - and the fall getting arrested from 5113 may not be completely unrelated. :)
6. Where do we go from here? The 5000PE with 93L OI, should provide solid support on any down side. On the upside, I do not see any major resistance. The Fed Meeting tonight might provide the direction. Remember the 5174 number - a clear sustenance above it might lead to a 5350 expiry! 
7. Will we have the NAV management? Will global cues prevail up on us?  "So, the violence might increase - and wild moves might start appearing - but I do not see a clear direction appearing to the market till the closing stages of the series." this is what I wrote in my notes on 13th Sep. As you can see, we are 6 trading sessions away from expiry.We are closer to finding the answers.
8. You can find the complete data sheet here.