Epicresearch Daily Derivatives Market News Updates On 23 January 2015

MARKET ROUNDUP
The Indian equity market logged gains for the sixth straight session led by select index heavyweights like Infosys, Axis Bank, Sun Pharma and Tata Motors, while Reliance Industries dragged.
The market traded with caution for the most part of the trading day ahead of the key ECB meet outcome. Globally, market remained subdued as they awaited the European Central Bank decision on the stimulus.

F&O HIGHLIGHTS
Post a positive start, the Nifty turned negative for the first time in six days. However, towards the end, good momentum was seen on the back of auto, pharma, banking and other heavyweights. This led the index to end adding another 32 points. Nifty future premium increased and settled at 18 points. India VIX increased 4.81% and settled at 18.56
FIIs bought 593 crore while DIIs sold 579 crore in the cash segment. FIIs bought 902 crore in index futures and sold 1668 crore in index options. In stock futures, they sold 501 crore
The highest Put base is at the 8000 strike with 56 lakh shares while the highest Call base is at the 9000 strike with 44 lakh shares. The 8700 and 8600 Calls saw reduction of 11.60 and 6.93 lakh shares, respectively. The 8800 and 8700 Put strikes saw addition of 4.85 and 11.07 lakh shares, respectively

INDEX OUTLOOK
Nifty Future: The Nifty is likely to open gap up on the back of the ECB outcome and strong global cues. It is likely to trade in the range of 8795-8880.
Bank Nifty Future: Yesterday, Call writers covered some positions in 20000 strikes. We feel that if the index manages to sustain the highest Call base of 20000 than 20300-20400 can also be seen.

STOCK ANALYSIS
OI addition : We saw long built up in Ubl, Dabur,Powergrid, India cem short built up was seen in Bank-baroda, Sksmicro, Petronet,M&m fin, India bull housing finance
OI Shedding : We saw short cover in Exide ind, Hindzinc, Ibrealest, Hdfc bank, Mothersumi while long unwinding seen in Sun tv, Rpower

OI Chart Analysis: From the OI Chart we can see that in January Series addition of open interest on the calls front is existent in the band at strike price of 8600-8700 indicating it as resistance on the upside whereas on the put options front we can see that addition of open interest is existent at strike price of 8500-8400 indicating it as immediate support zone on the downside.


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