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Nifty ended higher by 119 points on the back of strong global cues to close at 14942.35 levels- HDFC Securities

F&O HIGHLIGHTS

SHORT COVERING IS SEEN IN THE NIFTY FUTURES

REMAIN CAUTIOUS TILL NIFTY CLOSES ABOVE 15050 LEVELS​​​​​​​

* Nifty ended higher by 119 points on the back of strong global cues to close at 14942.35 levels

* Short Covering is seen in Nifty Futures’ where Open Interest fell by 0.13% with Nifty rising by 0.8%.

* Long build is seen in the Bank Nifty Futures, where we have seen 5% rise in the Open Interest with Bank Nifty rising by 0.7%

* Nifty Open Interest Put Call Ratio remained unchanged to 1.33 levels. Amongst the Nifty options (12-May Expiry), Call writing was seen at 15000-15100 levels, Indicating resistance is seen in the vicinity of 15000-15100 level. On the lower side, support is seen in the vicinity of 14800- 14700 levels where we have seen Put writing.

* Long unwinding was seen by FIIS’ in the Index Futures segment where they net sold worth Rs 322 Cr with their Open Interest going down 5109 contracts.

To Sum It Up, short covering in Nifty Futures segment, Call writing at 15000-15100 levels and Long unwinding by FIIs’ in the Index Futures segment Indicates that one should be cautious for the markets.

Therefore, our advise is to remain cautious with the stop loss of 15050levels. On the lower side 14800-14700 level will act as an immediate support where Puts have been written

In the Bank Nifty, our advice is to remain cautious with the stop loss of 32900 levels. On the lower side, support is seen in the vicinity of 32600-32000 levels.

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