Last week the markets opened with a bang as Nifty gained in the first two sessions with no signs of respite visible at least at the beginning of the week. Mid-week session high though satisfied a lot of long chasers it seems and after making the weekly high, Nifty gave up the gains of that day as well as some of its previous gains. This was only to be followed by digestive consolidation with minimum price movement under the option indicated hurdle level of 11,200. Despite of all this, Nifty gained over 2 percent for the week.
Bank Nifty had a similar path. In fact, Bank Nifty went through bigger strides pushing it around 6 percent higher than previous week at the mid-week high. However, the consolidation in last two sessions of the week turned into a bit of a pullback in the last session. Hence, what could have been a much bigger outperformance turned out to be a relatively lower out performance to Nifty with over 3 percent gains for the index this week.
On the Open Interest (OI) front, Nifty had a rather simple equation with price moves. With the increments there was increment in OI and alongside the slight pullback and consolidation we could see either tiny long interest addition or unwinding of longs leading up to over 7 percent increment of long interest.