ONGC build up 11% open interest

CNBC-TV18, research analyst Anchiya Shah has given F&O highlights.

The initial reactions were pretty evident on the Nifty as it was trading at about 10-11 points discounts, after those announcement came in we did see the discount sort of go into a bit of a premium. Infact at one point it went up to about 25-30 points premium, so one saw that huge spike in the Nifty coming in and above 4,700 levels 4,720-4,730, one saw some bit of shorts coming back, which is why one saw that premium go back into a discount. There was a net change in OI has gone to about 23 lakh shares, it has definitely shot up. Some bit of support coming in at lower levels 4,500-4,600 Puts have seen a huge OI build up in today’s trading session.

ONGC is up about 6% and have seen a huge 11% OI build up, so definitely a huge creation of longs and some bit of cash buying which is why it is currently trading at a discount.

If one looks at the stocks of HPCL and IOC and what very interesting is that in these oil marketing companies initially we saw a downward spike and initial bit of a sell- off and then after that some of these companies have recovered. From the stronger of the lot HPCL is still seeing good OI build up, as IOC is seeing some bit of profit booking. RPL from the refinery space has seen some bit of OI build up, about a 3% OI build up with a longward bias up about Rs 1.

Reliance Power continues to have come under a fair bit of pain now it is close to that Rs 200 level, seeing a fair bit of short build up.