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Nifty continued its downward journey for the third day - HDFC Securities 

F&O HIGHLIGHTS

LONG BUILDUP WAS SEEN IN THE NIFTY & BANK NIFTY FUTURES

* Nifty witnessed buying interest during last hour yesterday and ended higher with the gain of 157.55 point to close at 14919.10 levels.

* Long buildup was seen in Nifty Futures’ where Open Interest rose by 3.5% with Nifty rising by 1.07 %.

* Long build up was seen in the Bank Nifty Futures too, where we have seen 7% rise in the Open Interest with Bank Nifty rising by 0.5%.

* Nifty Open Interest Put Call Ratio rose to 1.20 levels from 1.05 levels. Amongst the Nifty options (04-Mar Expiry), Put writing was seen at 14800-14700 levels, Indicating 14800 level will act as a strong support. On the higher side, resistance is seen in the vicinity of 15000-15100 levels where we have seen Call writing.

* Short build up was seen by FIIS’ in the Index Futures segment where they net sold worth Rs 1894 Cr with their Open Interest going up by 6078 contracts.

To Sum It Up, Long build in the Nifty and Bank Nifty Futures and rise in the Nifty Open Interest Put Call ratio on the back of put writing at 14700-14800 levels Indicates that one should continue to remain bullish for the markets.

Therefore, our advice is remain bullish with the stop loss of 14800 levels. On the higher side 15000-15100 level will act as a resistance where Calls have been written

In the Bank Nifty, our advice is to remain bullish with the stop loss of 35300 levels. On the higher side, resistance is seen in the vicinity of 35900-36200 levels.

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