On the put options front we have seen addition of open interest in August Series at strike price of 5200 and 5300.
OI Concentration Chart Interpretation: From the OI Chart we can see that in August Series maximum addition of open interest on the calls front is existent at strike price of 5500 indicating it as Resistance on the upside whereas on the put options front we have seen addition of open interest at strike price of 5300 indicating it as strong support on the downside.
Nifty Trend
The Nifty closed at 5418.60. Nifty future (July) closed at 5422.55 i.e. at a premium of 3.95 points vs. discount of 5.30 points and shredded -4539700 shares in open interest.
The Nifty future (Aug.) closed at 5430.25 i.e. at a premium of 11.65 points vs. 0 points and added 2651800 shares in open interest.
Interpretation: The Nifty future prices ended in red territory along with overall shredding of open interest and increase in the cost of carry, this is an indicating of long closure at higher levels.
The Nifty future (Aug.) closed at 5430.25 i.e. at a premium of 11.65 points vs. 0 points and added 2651800 shares in open interest.
Interpretation: The Nifty future prices ended in red territory along with overall shredding of open interest and increase in the cost of carry, this is an indicating of long closure at higher levels.
