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Nifty futures closed at 12362.15 with a gain of 0.59% on Monday. Open interest of the current month expiry declined by 2550 shares indicating short covering in the markets. Nifty premium stood at 32.6 points from previous day's 33.2 points. Put-Call ratio rose to 1.64 from Friday's 1.55 led by the addition of Put long options in the ATM and OTM strikes. India's Volatility index, VIX was up by 1.40% to end the day at 14.275 from last day's 14.0775. Maximum Call OI was seen at 12,400 level while maximum OI in the Put options was at 12,300 strike.
Nifty Outlook: FIIs remain positive, but upside expectations remain limited.
FIIs activity was concentrated on stock options as we move into the thick of the earnings season. Among index options, put shorts and put longs found the highest favour, with their positions going up by 8633 and 15649 contracts respectively. Meanwhile, FIIs cut index future shorts by 1482 contracts, their only exit yesterday. Overall option spectrum portrays a positive bias, but as has been the case yesterday, OTM call shorts in the weekly signal a limited upside outlook for now. Additionally, Call activity in the immediate OTMs shows that traders are playing the positive move by the ear and not taking aggressive stances, but having said that put traders see that downsides are protected until 12000.
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