Nifty May Futures ended at 18 points premium to spot at 4189 on Wednesday owing to some short covering towards the end. The May series saw a drop in open interest (OI) of around 18.74 lakh shares. June futures saw addition of 4.93 shares in OI.On the index options front, total OI in Calls went up by 2.62 lakh shares to 137.72 lakh, of which, OI at 4100 May Call was 35.21 lakh (25.5%); OI at 4200 Call was 29.52 lakh (21.4%), and OI at 4000 Call was 14.13 lakh (10.3%). OI at 4250 Call was 13.92 lakh.On the other hand, the Nifty May 4000 Put accounted for 22.7% concentration of the total OI in Puts. The total OI in Puts increased by 3.60 lakh shares to 167.07 lakh, of which, OI at May 4000 Put was 37.87 lakh. OI for Nifty 4100 Put stood at 30.98 lakh (18.5%) and OI for 3800 and 3900 Put was around 15.82 lakh and 15.78 lakh shares, respectively. OI at 4150 Put was 12.44 lakh.In yesterday's trading, we saw slight slight drop in OI of 4100 Calls, while additional build-up in OI of 4100 and 4150 Puts. This suggests, that bulls are looking to built support at higher levels. However, significant OI at 4200 and 4250 Calls would see the strong resistance around these levels. The Nifty OI Put-Call ratio was unchanged at 1.21.
