Huge put writing happening at 2700 & 2800 levels

The PCR is at 1.25 compared to 1.13 which was yesterday's close and this is happening because there is a huge put writing happening at 2,700 and 2,800 levels. The turnover is really good today – Rs 25,000 crore was clocked at the F&O side and this is really good to see after a long time.
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Dec 10, 2008, 02.51 PM | Source: CNBC-TV18

Huge put writing happening at 2700 & 2800 levels

The PCR is at 1.25 compared to 1.13 which was yesterday's close and this is happening because there is a huge put writing happening at 2,700 and 2,800 levels. The turnover is really good today – Rs 25,000 crore was clocked at the F&O side and this is really good to see after a long time.

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Huge put writing happening at 2700 & 2800 levels

The PCR is at 1.25 compared to 1.13 which was yesterday's close and this is happening because there is a huge put writing happening at 2,700 and 2,800 levels. The turnover is really good today – Rs 25,000 crore was clocked at the F&O side and this is really good to see after a long time.

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Here is a verbatim transcript of Varinder Bansal’s comments on CNBC-TV18. Also watch the accompanying video.

The PCR is at 1.25 compared to 1.13 which was yesterday's close and this is happening because there is a huge put writing happening at 2,700 and 2,800 levels. The turnover is really good today – Rs 25,000 crore was clocked at the F&O side and this is really good to see after a long time. We have seen strength coming in the Nifty Futures and 50 lakh shares were added in OI which is over 10% which was good to see. It is up nearly 118 points.

The 2,800 Put where we have seen over 75% buildup happening and this is a very good sign because earlier it was 2,500-2,600 but now people seem to believe that 2,800 could be one of the support mark for the market. Again, 2,700 which has been witnessing constant Put writing, we are seen over 25% buildup happening at that level. Call writing continues at 3,000 and which is seen as an important area where we could see some kind of resistance coming in. 

Stock Specific Action:

Suzlon has been buzzing from the levels of Rs 40. Today, we saw huge buildup of around 45 lakh shares happening in Suzlon and the stock is up nearly Rs 5 in the spot market. 

Metal has been one of the stronger sectors today and we have seen SAIL leading from the front. The stock is up nearly Rs 8 in the spot market and has added nearly 25 lakh shares in OI. 

Unitech after hitting a low of Rs 20-22, we have seen this stock rebound. Of course there were some rumors of some kind of announcement coming from the management very soon but the stock is up nearly Rs 2. Important to note here is the negative CoC which was around 1.35 has come down to around 0.60 which is good to see and there is some cash buying happening in Unitech as well. 

Reliance Communication, where after reports of FCC buyback, the stock has taken good hint and the stock is up nearly Rs 15 and added around 13.5 lakh shares in OI. 

HDIL which witnessed short covering in the morning but now there is some kind of buildup happening in the stock. The stock is up nearly 10% with a buildup of nearly 1.15 lakh shares.  

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Huge put writing happening at 2700 & 2800 levels

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