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Nifty index futures closed 64.20 points lower at 11,177.45 on Wednesday. Open interest declined by 5.21 lakh contracts and the total open interest at the end of the day was 1.56 crore contracts. The cost of carry moved higher to 20.45 from previous day's close of 19.6. Nifty PCR OI moved lower to 1.13 from 1.28 meanwhile nifty put option open interest declined by 2.33% whereas nifty call option open interest rose by 9.74%. India VIX closed higher at 28.65 from previous day's close of 27.13.
FII activity was mixed with a slight negative bias
FII activity in the derivative market was mixed but they were slightly inclined to the negative side. Future index long and shorts declined by 1641 contracts and 6505 contracts respectively whereas future stock long and shorts rose by 7304 contracts and 6961 contracts respectively. Option index call and put shorts rose by 8.15% and 5.11%. In the option stock market option stock call short rose by 10.61% while option stock put long declined by 5.33%.
NIFTY OUTLOOK: Volatility to prevail and short term range continues to be 11000-12000
Nifty call strike of 12000 has seen the highest volume activity and has the highest open interest accumulation. This will be a major resistance towards the upside where as Nifty put strike 11000 has the highest open interest and volumes. This level will provide support toward the downside. Put strike of 10500 has seen increased volumes and second highest OI accumulation which will be the next support if 11000 is broken.
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