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Index Highlights

* Nifty futures of current expiry on Friday closed at 24092.4 on a positive note with a 7.2% increase in open interest and with price gains of 0.4% (99.75 points), indicating a Long Build Up.

* Nifty annualised volatility index India VIX has increased to 13.54% from 13.24%, up by 2.3%

* Bank Nifty futures of current expiry on Friday closed at 50988.8 on a negative note with a 14.2% increase in open interest and a price cut of -0.9% (-465.1 points), indicating a Short Build Up.

* The total outstanding OI in Nifty futures stands at 1,38,80,025 compared to 1,26,72,125 of the previous week, For Bank Nifty, it’s stands at 27,32,265 against 20,81,010.

* The Long-Short Ratio in index futures for FII remained unchanged at 0.21, indicating a wait-and-watch approach to the market. However, in terms of change from the last week, there has been an addition in both long and short positions, with shorts preceding the long.

Nifty PCR OI

* During the week, PCR OI reached a high of 1.23, a low of 0.86, and closed at 0.86. This is down from a closing of 1.03 last week.

* The current Put-Call Ratio (PCR) is 0.86, below the neutral threshold of 1. This suggests that there are more call options than put options in the market over the past week, indicating a cautious outlook for Nifty in the upcoming week.

Open Interest Analysis

* As per the current expiry, Option built up show that Nifty has strong support at 23,500 and 23,700 and resistance at 24,200 and 24,500.

* According to the monthly options data, the Call options with high open interest concentration are at the 24,000 and 24,500 strike prices. On the Put side, the highest open interest is found at the 24,000 strike price, followed by 23,500. From the current monthly expiry, the indicative weekly range for Nifty is expected to be between 23,500 and 24,500, with 24,000 acting as the Max Pain leve

Change in Open Interest

* This week's major monthly expiry addition was seen on the Call front in 25,000, 24,200, and 24,000 strikes, adding 13.6 Lc, 7.6 Lc, and 4.5 Lc shares in OI, respectively. There was no significant unwinding witnessed in any strike.

* This week's significant monthly expiry addition was seen on the Put front at the 23,000, 23,500, and 24,200 strikes, adding 9.6 Lc, 10.3 Lc, and 9.9 Lc shares in OI, respectively while there was no significant unwinding witnessed in any strike.

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