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Nifty Dec futures closed at 12099.85 with a loss of 0.71% on Friday. Nifty premium rose to 43.8 points from last day's 34.9 points. PCR fell to 1.54 from previous day's 1.71 amid addition of call options in the ATM and OTM strikes. Volatility index, VIX closed marginally lower by 0.64% at 13.8975 versus Thursday's 13.9875. Maximum Call OI was seen at 12,100 level while maximum OI in the Put options was at 12,000 strike.
FIIs added short bets in the index futures
FIIs were sellers in both equity and derivative segment on Friday. The addition to the index segment has come along the short side in puts, calls as well as futures. Meanwhile, Index future longs were cut by 13129 contracts, a 14.6 percent decline, while the addition to Index future shorts were by 13401 contracts, an 18.45 percent rise.
Nifty Outlook : Major one-side move expected
Except for OTM puts, short buildup dominated the Friday’s activity along both call and puts in the weekly contract. Along the monthly contract, the net position was tilted towards put longs and short calls on Friday. This positioning indicates that if markets a dip and a short covering ensues, then the pull back could stretch as far as 12600, which is where call OI is the highest now among the OTMs. The same reasoning puts 11500 has a strong support for downsides.
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