BULLS ARE BACK WITH BIG BANG AS EXPECT BY US IN OUR LAST POST...!!!
LET HAVE LOOK AT SHORT TERM CHART FOR NIFTY.
NOW FROM ABOVE CHART IT WAS VERY MUCH CLEAR THAT BULLS MAY TRY TO LIFT NIFTY FROM 50 EMA LEVEL (AS DONE LAST 2 TIMES) AND HIGHEST OI TAG WAS AT 7700 PE WITH SHORT TERM TRENDLINE WAS ALSO SUPPORTING UPSIDE IT WAS VERY MUCH EVIDENT THAT BULLS MAY TRY TO LIFT NIFTY UP...!!!
NOW LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.
Bank Nifty
Bank Nifty option chain also depicts more or less story on liquidation front. More than 175k shares were liquidated from 16000 to 17000 CE. Some additions can be seen above 17000 CE which we feel may be done by options writers.
On PE front more than 225k shares were added in today's rally.
Highest OI tag is with 16000 PE & 17000 CE.
PE RATIO FOR NIFTY STANDS AT 21.24LET HAVE LOOK AT SHORT TERM CHART FOR NIFTY.
NOW FROM ABOVE CHART IT WAS VERY MUCH CLEAR THAT BULLS MAY TRY TO LIFT NIFTY FROM 50 EMA LEVEL (AS DONE LAST 2 TIMES) AND HIGHEST OI TAG WAS AT 7700 PE WITH SHORT TERM TRENDLINE WAS ALSO SUPPORTING UPSIDE IT WAS VERY MUCH EVIDENT THAT BULLS MAY TRY TO LIFT NIFTY UP...!!!
NOW LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.
Nifty
As Nifty rallied more than 125 points today so liquidations in ITM & ATM CE options is not big surprise. More than 1650k shares were liquidated in today's rally from 7500 to 8000 CE. But additions in 8100 CE leads to some surprise.
On PE front more than 4300k shares were added from 7500 to 8000 PE.
Highest OI tag is with 7700 PE & 8000 CE. (same)
Bank Nifty
Bank Nifty option chain also depicts more or less story on liquidation front. More than 175k shares were liquidated from 16000 to 17000 CE. Some additions can be seen above 17000 CE which we feel may be done by options writers.
On PE front more than 225k shares were added in today's rally.
Highest OI tag is with 16000 PE & 17000 CE.
NOW LETS SEE SOME IMPORTANT NIFTY RATIO
PE RATIO FOR BANK NIFTY STANDS AT 17.88
(as on 06/05/2016)
MAY SERIES
NIFTY PCR ON BASIS OF OI IS 0.84
BANK NIFTY PCR ON BASIS OF OI IS 0.90
FINAL CONCLUSION
Nifty & Bank Nifty
Liquidations on CE front indicates panic exit by traders. Liquidations in highest CE front indicates sudden upside was not expected by market participants. Highest OI tag still the same but additions in 8100 CE indicates some more upside in coming sessions which may not be as sudden as it was today. PE front additions indicates some contra positions taken by market participants.
Contracting of highest OI range from 16000-17500 to 16000-17000 indicates on immediate basis that Bulls may target 17000 on trading perspective.
OVERALL WE ARE IN NO TRADE ZONE
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PLEASE NOTE THESE MOVES ARE AS PER CHARTS AND OPTIONS CHAIN WHICH MAY REVERSE ANYTIME. THIS POST IS FOR EDUCATION PURPOSE ONLY AND NOT TO BE CONSIDERED AS BUYING OR SELLING RECOMMENDATION. WE ARE NOT SEBI REGISTERED RESEARCH ANALYST. WE ARE NOT RESPONSIBLE FOR ANY PROFIT OR LOSS FOR ANY TRADES EXECUTED ON BASIS OF THIS POST. WHILE UTMOST CARE HAS BEEN TAKEN WHILE ANALYSING CHARTS & OPTIONS DATA BUT IF INCASE THERE IS ANY HUMAN ERROR WE ARE APOLOGISE FOR IT.
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ABOUT AUTHOR ~ MANUSH VADHER
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