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Nifty futures closed at 12047.70 with a loss of 0.35% on Thursday. Open interest of the current expiry declined by 5.02 lakh shares indicating long unwinding up in the markets. Nifty premium fell from previous day's 46.60 points to 29.3 points. Amid addition of call options in ATM and OTM strikes, PCR slipped to 1.35 from 1.44. Volatility index, VIX spiked by 7.37% to end at 14.305 versus Wednesday's 13.3225. Maximum Call OI was seen at 12,100 level while maximum OI in the Put options was at 12,000 strike.
FIIs exhibit pessimism in index futures
After a brief pause on Wednesday when we had seen some positive signs, FIIs have resumed building of negative bets. Thursday, they were seen building Index future shorts by 2326, while cutting index future longs by 5240 contracts. Index option positions were seen being unwound, as weekly contract expired, with no net additions seen.
Nifty Outlook: Directional move soon
The call shorts and put longs build up has continued suggesting that traders clinging on to their bearish bias. Maximum Put-Call open interest concentration is seen at 11,900-12,200 strikes which sets the volatile range, while the lopsided build up calls for directional move shortly.
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