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India ETF attracts heavy call buying

Mike Yamamoto (mike.yamamoto@optionmonster.com)

The WisdomTree Indian Earnings Fund rarely sees much option activity, but today traders are snapping up calls in the ETF as India's economy continues to improve.

The EPI is up 0.28 percent to $21.35 after breaking through its 200-day average on Monday. The exchange-traded fund, which tracks equities in India, fell hard with the decline of that country's economy last year but has been ripping higher with its recovery, soaring some 37 percent since ending 2011 at $15.60.

About 7,000 March 23 calls have traded in a strong buying pattern for $0.15, according to optionMONSTER's Heat Seeker system. There was no open interest in the strike at the beginning of the day, so these are new positions.

Overall option volume in the name exceeds 7,600 contracts, 15 times its average daily turnover. Only 45 of those options are puts, a reflection of the session's bullish sentiment.

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