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The Week That Was:

* Nifty futures closed at 24,441.1 on Friday, down 0.8% (186.1 points) with open interest up 3.7%, indicating a short build-up.

* Bank Nifty settled at 55,166 on Friday, declining 1.1% (628.2 points), while open interest surged by 28.6%, signaling a short build-up.

* India VIX rose from 11.98% to 12.03%, marking a 0.4% increase signaling a slight uptick in market volatility.

* FII Long-Short ratio remained stable at 0.9, yet signaling a firmer bearish bias as new short positions were added and very marginal longs were added.

* Total outstanding open interest in Nifty and Bank Nifty futures were 1.85 cr units (prev: 1.78 cr) and 0.31 cr units (prev: 0.23 cr), respectively.

Nifty Open Interest Put-Call Ratio

* The Nifty Put-Call Ratio (PCR) slipped by 0.09 this week, driven by a notable rise in call option open interest over puts highlighting a shift toward cautious-bearishness in overall market sentiment.

Volatility Analysis

• The implied volatility curve for the upcoming weekly expiration shifted lower for OTM calls and for OTM puts.

• This means that as of Friday, market participants are positioned for the nifty to be less volatile than it was during the previous expiration cycle.

Nifty Open Interest Concentration (Weekly)

* The strike-concentration for the upcoming expiry on August 14 shows that the Nifty has strong supports at 24,300, 24,000 and 24,200, while resistance can be seen near 24,500, 24,600 and 25,000.

* Speaking of open interest changes, the 25000-strike Call and 24000 strike Put saw the maximum addition, alongside the 24500 strike Call and 23500 strike Put..

* Based on the data, we project the Nifty to trade between 24,000 and 24,600 in the week ahead.

Bank Nifty Open Interest Concentration (Monthly)

* The strike concentration for the July expiration shows that the Bank Nifty has strong supports at 54,000, 55,000, and 54,500, while resistance rests at 56,500, 58,000, and 57,000.

* Speaking of open interest changes, the 55500-strike Call and 55500 strike Put saw the maximum addition, alongside the 56000 strike Call and 54000 strike Put..

* Based on the data, we project the Bank Nifty to trade between 54,000 and 56,500 in the coming week, with 56,000 acting as a pivotal level.

Nifty Change in Open Interest (Weekly)

* Using the monthly expiration cycle, notable addition in calls was seen at the following strikes - 24,500 (15.5 Lc), 24,600 (10.6 Lc), and 25,000 (10.4 Lc), respectively. There was unwinding observed at 25,900 strike.

* Coming to puts, the 24,500 (10.9 Lc), 24,400 (8.9 Lc), and 24,600 strikes (5.3 Lc) saw considerable addition in open interest. Unwinding was witnessed at the 25,000 & 24,100 strike.

Bank Nifty Change in Open Interest (Monthly)

* For the Bank Nifty - based again on the monthly expiration cycle - notable addition in calls was seen at the following strikes - 55,500 (7.7 Lc), 56,000 (5.2 Lc), and 55,000 (3.3 Lc), respectively. There was no significant unwinding observed at any strikes.

* Coming to puts, the 55,500 (3.4 Lc), 54,000 (2.4 Lc), and 53,500 strikes (1.6 Lc) saw considerable addition in open interest. There was notable unwinding observed at 56,500 & 55,900 strikes.

Weekly Participant-wise Open Interest (contracts)

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