ICICI Bank adds 6 lakh shares in open interest

By Varindar Bansal, CNBC-TV18

The volumes are really good, the turnover which is about Rs 42,000 crore versus about Rs 35,000 crore which we saw yesterday.

In Nifty futures intraday short covering which is happening and there is a build up of about 28 lakh shares in the Nifty futures, the good thing is that in the options side we have seen that the money call and put are adding significant open interest whether it is 4300-4400 or 4500 call or whether its 4000 or 4200 put. People are paying on the strangle side considering that the event is still in place and there could be a lot of volatility going ahead.
 
On the stock specific side, the metals have seen a huge short covering today whether its SAIL of which was up 9% and has seen a cut of 3.5 lakh shares. Tata Steel with the short covering and the stock is up nearly a 4.5-5% and there is a cut of open interest seen in Tata Steel.
 
Also some of the stocks where we have seen a bit of short covering in the infrastructure space, whether its HCC, Hindustan Constructions or whether its Nagarjuna constructions, these stocks have again seen a bit of short-covering in today’s trade. Hindustan Construction stock is up nearly 5% and has seen a cut of nearly 4 lakh shares.
 
ICICI Bank is up nearly 5% and also have seen a build up of nearly 6 lakh shares.

BHEL has looked stronger today and the stock has seen also some kind of cash buying happening in and the stock is up nearly Rs 75 in the open market and you can see the volumes are also healthy.
 
Ranbaxy has moved from Rs 420 yesterday and has seen short covering in the beginning of the day yesterday and then a small build up happening in the stock. The stock also today has seen a long build up happening in and added 3 lakh shares in the open interest.