Put unwinding was seen at strike prices 8,300 (4.01 lakh contract shed).Total Put open interest of 60.38 lakh contracts now stands at strike price 8,600 which will act as a crucial base for the market in the September series, followed by strike price 8,500, which saw the accumulation of 58.79 lakh contracts, while strike price 8,700 had 47.89 lakh contracts in open interest. "On the option front, maximum Put OI is at strike price 8,600 followed by 8,500 while maximum Call OI is at strike price 9,000 followed by 8,900. We have seen fresh Put writing at 8600, 8700 and 8800 strike while Call writing is at 8900 strike," Chandan Taparia , Derivatives & Technical Analyst - Equity Research at Anand Rathi Financial Services told ETMarkets.com.Call writing was seen at strike prices 8,900 (2.08 lakh contracts added), and 9,100 (2.2 lakh contracts added). "We witness FIIs booking profits and formation of fresh shorts in Index Futures last week," Angel Broking said in a note. A PCR above 1 is considered bullish while a PCR below 1 is considered bearish.

Source: Economic Times September 19, 2016 06:00 UTC