>Daily Derivatives (ICICI Direct)

Derivative Comments

• The Nifty April futures added 2.04 million shares in OI.With the FII data also showing net addition of longpositions in Index futures, we feel the undertone in themarket continues to remain bullish

• The market turnover has risen sharply by nearly 40%to previous session suggesting cash-based buying hashappened in the last session

• The PCR-OI has surged to 1.78 on account of netaddition of 83601 contracts on the Put side comparedto 35884 contracts unwinding on the Call option front.The maximum addition of contracts was seen in the3200 Put adding 20007 contracts followed by 19763contracts addition in 3400 Put. The 3300 and 3500 Putsadded 16177 and 13404 contracts, respectively. Allthese Puts have observed some Put writing whereinthe 3500 Put has witnessed humongous Put writingwith the rise in OI from 486750 shares to 1156950shares. On the other hand, maximum unwinding wasseen in the 3400 Call wherein the closure was of 12277contracts followed by 10625 contracts in the 3300 Call.The rise in Call IVs suggests significant short coveringby Call writers in these strike prices. The 3700 Calladded 7504 contracts in OI and the volume surged by51742 contracts suggesting that some Call buying hashappened at this strike price

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