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FII and Option Data

Net sell in Cash segment Rs. 675 crores (DIIs bought Rs. 681 crores) and net sell in Index Future Rs. 697 crores. FIIs mostly added shorts and liquidated longs yesterday. They also bought Index Option Rs. 817 crores, out of which 20K CE long and 93K PE long are there. Since Aug series they are buying Index Options, instead of selling, especially Put Options, to grab the short term volatility. However, due to higher VIX, the option premiums are very high and hence FIIs have started writing Puts also to some extent.

Option table shows highest Put base is at 7800PE, not much liquidation seen at 7800-8000PE even after 200 points fall so Nifty fall should be arrested anytime soon around 7700. Highest OI on Call side is still at 8500CE and addition observed at 8200-8500CE. 

Technically, Nifty after facing resistance at 50% Fibo level (of the recent fall) turned downwards and broke crucial support 7940-50. Falling channel support level is 7630-40, if Nifty sustains below 7600 we may see the pain to continue. On the recovery way, 8100-8200 will remain very strong resistance.

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