F&O Check: Action shifting to June series

Nifty May Futures ended at two points premium to spot at 4263 on Monday. The May series added 5450 shares in open interest (OI). June futures added 4.29 shares in OI.

On the index options front, total OI in Calls went up by 11.15 lakh shares to 139.97 lakh, of which, OI at 4100 May Call was down at 31.39 lakh (22.4%); OI at 4200 Call dropped to 21.55 lakh (15.4%), and OI at 4250 Call increased marginally to 12.77 lakh. OI at 4000 Call was down at 12.07 lakh.

Interestingly, the June 4300 Call has seen a build-up of 6.48 lakh shares in OI while the May 4300 Call OI is around 7.89 lakh.

On the other hand, total OI in Puts increased by 25.10 lakh shares to 213.48 lakh, of which, OI at May 4000 Put further rose to 35.17 lakh (16.5%). OI for Nifty 4100 Put increased to 33.80 lakh (15.8%), and OI for 4200 Put went up to 18.36 lakh. OI for 4150 Put rose to 16.73 lakh. OI at 3800 and 3900 Put stood around 15.73 lakh and 14.13 lakh shares respectively.

The June series 4000, 4100 and 4200 Puts have seen a build-up of around 12.05 lakh, 11.97 lakh and 10 lakh shares, respectively.

In Monday's trading, we saw action shifting to the June series, while June 4200 and 4300 Calls added significant open interest. The 4100, 4200 and 4300 Puts saw agressive build-up. This suggests, that the bulls are convinced of more upside in June as well, however, the 4300 level could be a key resistance for the short-term.

The Nifty OI Put-Call ratio was marginally up at 1.53.