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Nifty index futures closed 1.83% lower at 10732.1 on Thursday. Open interest rose by 0.53 lakh and closed at 1.89 crores. Premium slumped from 13.95 and closed at a discount of 9.25. Nifty Call options witnessed hefty addition of shorts which induced a rise in open interest by 1.67 crores. This in turn dragged the PCR OI from 0.95 to 0.7. India VIX closed higher at 17.85 from 17.02.
FIIs depict no particular bias
FII activity in the derivatives didn't depict any particular bias in any of the segments. The activity was almost similar in both long side and short side in all the segments. In index futures they added open interest in both longs and shorts by 4908 contracts and 4645 contracts respectively. In stock futures also they added open interest in both longs and shorts by 11863 contracts and 11045 contracts respectively. In index options they reduced exposure from all segments including Call longs, Call shorts, Put longs and Put shorts. Open interest declined from synthetic longs and synthetic shorts by 42495 contracts and 27538 contracts respectively.
NIFTY OUTLOOK: Support seen near 10500
Despite the index slipping away from the 11000; significant activity was seen in both 11000 Call and Put strikes. Put shorts were covered from 11000 and fresh Call shorts were added. This is a major indication of the index is slipping further away from 11000 pivotal region. On this context second highest Put open interest held at 10500 strike will be the crucial support level of the index.
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