3800 Put saw fair bit of an open interest build up

CNBC TV 18's, Research Analyst, Anichya Shah :

The turnover front pretty much what we are seeing in the last 2-3 trading sessions, pretty much clocked around the 47 crore mark, which is a similar trend. All the stocks were on a decent open interest build up in fact about 36 to 37 odd stocks saw a 5% or more of an open interest build up and most of them were with a long bias in today’s trading session, so that was one positive we could take from the market. If you look at the Nifty, we did see discount come off a wee bit again and it still is at a 15 point discount, so a lot of shorts do exist in the system, but those days when it was at a 40 point discount we have seen it to a 15 point discount downtrend.

A bit of covering around those levels 3900 to 3850 levels were see again and in fact the 3800 put saw fair bit of an open interest build up in today’s trading session about  30 percent from yesterdays base seems to be a temporary support for the markets and there has been a fair bit of writing at that level.

If you look at any stock specific action, Polaris was definitely a stock of the day, it was up over 10% and that’s a huge open interest build up of about 10 lakh shares that’s about a 40% open interest build up and it went into a significant premium, remember the results were today and the reaction a lot of it came post the results.

Mphasis was another stock from the midcap IT space that did well in today’s trade, a huge open interest build up there and the shares went into a pretty smart 1.5% CoC and rallied over 10% in the spot market as well. JP Associates has a good bounce back in today’s trade and was 9% with about a 9.5% of open interest build up also seeing its CoC going into a bit of a premium.

SAIL saw some bit of a shorting continuing in today’s trading session you can see it was down about 6% with a significant 10%-11% of open interest build up there with 30 lakh shares added and going into a wee bit of a discount and two stocks that seemed to be oversold in recent times.

One was BPCL which saw about 3% of its open interest being shared and rallying on a bit of a short covering. Giving a short covering after its results was HDFC it shed about 3% in open interest and you could see that stock was up as well.