Derivative Report -Angel Broking, India Research Feb 18, 2011

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 The Nifty futures’ open interest increased by 1.48% while
Minifty futures’ open interest increased by 4.39% as
market closed at 5546.45 levels.
 The Nifty Feb future closed at a marginal discount of
0.15 points, against a premium of 3.55 points in the last
trading session. On the other hand, March future closed
at a premium of 18.70 points.
 The PCR-OI has increased from 1.22 to 1.28 levels.
 The Implied volatility of At-the-money options for Feb
expiry decreased from 17.65% to 16.00%.
 The total OI of the market is `1,60,086cr and the stock
futures OI is `36,094cr.
 Few liquid counters where cost of carry is positive are
TRIVENI, MOSERBAER, FSL, GTLINFRA and ALOKTEXT
View
 FIIs covered some of their short positions in the Index
futures. A blend of short covering and some long
formations were observed in the stock futures.
 Yesterday, again unwinding was observed in the
5400 and 5500 call options. However, build up was
observed in the 5600 call, and 5500 and 5600 put
options.
 After significant correction from higher levels
RENUKA is showing some support around current
levels. The stock may give a positive move up to `88.
Traders can trade with positive bias around `82 with
a stop loss of `79.
 Although in the past two trading sessions, PETRONET
has given a negative move. Buildup in OI is
suggesting some contra buying has also taken place
in the stock. Traders can form long positions around
`115 for the target of `122 with a stop loss of `112.