The Nifty futures open interest increased by 11.60% while BankNifty futures open interest is decreased by 0.86% as market closed at 5114.65 levels. The Nifty June future closed at discount of 5.35 point against a premium of 5.10 points. The July series closed at a premium of 19.00 points.

The Implied Volatility of at the money options is increased from 17.50% to 19.95%. The PCR-OI has decreased from 1.52 to 1.45 levels. The total OI of the market is Rs 1,38,059 crore and the stock futures OI are Rs 29,219 crore. Few of the liquid counters where we have seen high cost of carry are ABGSHIP, JINDALSOA, ALOKTEXT, GRASIM and TTML.

FII’s were net buyers in cash market segment; they were net buyers worth of Rs 153 crore On derivatives front they were net sellers in index futures worth of Rs 73 crore only with significant buildup in open interest indicating a mix of long and short both, while in index options they were net buyers.

On options front 5,200 call option have seen decent buildup in open interest and 5,000 call option have seen some unwinding, while in put option not much of buildup was observed except 5,200 strike price and considerable amount of unwinding was seen in 4,900 put option in yesterday’s trading session.

Among the large cap banks AXISBANK is the counter where we have not seen much formation of long positions in the recent up move. However the counter in last two trading session has seen some short buildup followed by some long unwinding with
decrease in CoC.

We feel the stock could see some selling pressure at higher levels which could take the counter to around Rs 960. Go short at around Rs 1,010-1,020 with the stop loss of Rs 1,040.