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F&O OUTLOOK

Nifty outlook

As the Jan contract expires today, OI is the highest at14700 and 13500 for calls and puts respectively. Among calls, OI was added the most to 14100 as shorts, while put OI was added the most to 13900 as longs. Both are bearish, but are too close to the ATM to be of directionally significant. In the weekly, OI was seen increasing the most at 14500 call strike and 14000 put strike. With the next highest put OI increase occurring at 13300, puts project more downsides, but having attracted less OI than calls, they are yet to become directionally significant. Meanwhile, FIIs have made no secret of their intentions, with a whopping 32% increase in index shorts. Among index options, positions were increased the most along call shorts, while put shorts were exited. So, while the bearish positioning is overwhelming, it has to be noted that they are holding the most positions in index option segment as put longs, a bulk of which may have to be covered today.

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