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Published on 26/10/2020 12:34:47 PM | Source: HDFC Securities Ltd

Nifty resumed its uptrend by gaining by 34 points to close at 11930 levels - HDFC Securities

Posted in Market Outlook| #Market Outlook #HDFC Securities

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Nifty resumed its uptrend by gaining by 34 points to close at 11930 levelsHDFC Securities

F&O HIGHLIGHTS

LONG BUILD UP WAS SEEN IN THE NIFTY FUTURES

REMAIN BULLISH WITH THE TRAILING STOPLOSS OF 11800 LEVELS

* Nifty resumed its uptrend by gaining by 34 points to close at 11930 levels

* Long build up was seen in Nifty Futures’ where Open Interest rose by 2% with Nifty rising by 0.3%. Nifty Future premium increased to four points from two points

* On the other hand, Short build up was seen in the Bank Nifty Futures at higher levels, where we have seen 6% rise in the Open Interest with Bank Nifty falling by 0.02%.

* Nifty Open Interest Put Call ratio fell to 1.47 levels from 1.61 levels. Amongst the Nifty options (29-October Expiry), Put writing was seen 11800-11900 levels, Indicating 11800-11850 level may act as a strong support going forward. On the higher side, resistance is seen in the vicinity of 12000-12050 level where Calls have been written.

* Profit booking was seen by FIIS’ in the Index Futures segment where they net sold worth Rs 601 Cr with their Open Interest going down by 465 contracts.

To Sum It Up, Long build up in the Nifty Futures and Put writing at 11800 levels and Indicates that one should continue to remain optimistic for the markets Therefore, our advise is to accumulate long positions with the trailing stoploss of 11800 levels.

On the higher side resistance is seen in the vicinity of 12000-12050 levels where Calls have been written

In the Bank Nifty, where we have seen short build up, our advice is to create fresh long positions only above 24800 levels. On the lower side, support is seen in the vicinity of 24000-24200 levels

 

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