Trade Ideas: Nifty Futures closed at 24,847.7 on Friday, rising 1.1% with a 5.1% increase in open interest signaling a clear long build-up and strengthening bullish sentiment.
Bank Nifty futures settled at 54,364.6, gaining 0.6% with a 0.9% rise in open interest indicating a long build-up and suggesting potential for upside momentum.
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India VIX fell 8.3% to 10.78, down from 11.75, signaling easing market anxiety, with traders factoring in lower short-term volatility.
The FII Long-Short ratio moved up from 0.9 to 0.8 as fresh short positions added and longs decreased, signaling a softer bearish stance.
Total outstanding open interest in Nifty and Bank Nifty futures were 1.85 cr units (prev: 1.76 cr) and 0.31 cr units (prev: 0.30 cr), respectively.
Nifty PCR OI:
Nifty Put-Call Ratio (PCR) increased by0.15 over the week, reflecting a notable surge in Call option open interest relative to Puts indicating a shift toward cautiously bearish sentiment as traders brace for a capped upside.
Open Interest Analysis:
The strike-concentration for the upcoming expiry on September 09 shows that the Nifty has strong supports at 24,500 and 24,600, while resistance can be seen near 24,900 and 25,000.
The strike concentration for the September expiration shows that the Bank Nifty has strong supports at 54,000, 55,000, and 53,000, while resistance rests at 55,500, 54,000, and 55,000.
Volatility Analysis:
The implied volatility (IV) curve for the upcoming weekly expiry has moved higher for both out-of-the-money (OTM) calls and puts, reflecting increased demand for option premiums across the strike range.
This rise in IV for OTM options, along with the term structure and relative shifts, indicates that market participants expect elevated realized volatility in the coming week.
FII’s total open interest in Index Futures is at Rs 41,867, which on weekly basis has increased by Rs 2,939 Crs.
Foreigners had 2,24,845 Index futures contracts open, adding 13,276 contracts from the previous week, with Nifty futures witnessed added 12175 contracts and Bank Nifty futures added 343 contracts.
Trade Ideas:
- Buy APLAPOLLO September Futures in 1674 – 1657 range | SL 1645 | Targets 1706 & 1727 (Long Build Up).
- Buy BIOCON September Futures in 365 – 361 range | SL 357.5 | Targets 375 & 379 (Short Covering).