Long unwinding was seen in the Nifty Futures where Open Interest fell by 5.20% with Nifty falling by 0.26% - HDFC Securities
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F&O HIGHLIGHTS
NIFTY IS HEADING TOWARDS IMPORTANT SUPPORT LEVEL OF 16450
* The Nifty wiped intraday gains and ended with tiny losses on Friday. After hitting the day's high of 16,793.85 in early trade, the Nifty 50 index moved lower as the session progressed and turned negative in late trade. The market witnessed steep selling in the final hour of the trade. Cement stocks crashed as UltraTech's capex plan sparked competition fear. Autos, metals and banks shares tumbled. However, IT and oil & gas shares bucked the trend. Nifty finally closed down by 0.26% at 16584.
* Long unwinding was seen in the Nifty Futures where Open Interest fell by 5.20% with Nifty falling by 0.26%.
* On the other hand, Short build up was seen in the Bank Nifty Futures where Open Interest rose by 4.79% with Bank Nifty falling by 0.95%.
* Nifty Open Interest Put Call ratio fell 0.97 level from 1.20 levels. Amongst the Nifty options (09-June Expiry), Call writing is seen at 16700-16800 levels, Indicating Nifty is likely to find strong resistance in the vicinity of 16700 - 16800 levels. On the lower side, an immediate support is seen in the vicinity of 16400-16500 levels where we have seen Put writing .
* Short covering was seen by FIIS’ in the Index Futures segment where they net bought worth Rs 187 Cr with their Open Interest going down by 12662 contracts.
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