Good Morning
Y'day Index was trying to hold above 9380 but it was fails, so our strategy to sell on rise was work y'day & put was given good move, today again SGX shows gap up about 50 points. As I said 9200 is very important support if this up channel break on daily chart then previous low will test that is 8900.
FII was net sellers in CM Market i.e. 1060 Cr. In Derivatives FII added 2k Index Long and 125 Shorts, In stock futuers added 4.3k Longs & 9k shorts, in options very less position covered 647 call Long with 8.5k put shorts, put Long 5k & 6k Call shorts. It suggest that FII is on nutural mode may be waiting for some News.
Pro covered Index position in Index but in options call writing was very heavy, they added 56k Call short with 11.6k Put Long & 18k Call Long with no put writing suggest that till Expiry they will eat premium but with this no put writing suggest downside is open. Need to watch OCA buildups for first one hour.
So again play for both side but main trend will be on shorts side.
Avoid Index or play with options will focus on Stocks.