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F&O HIGHLIGHTS

HOLD SHORT POSITION WITH THE TRAILING STOPLOSS OF 16400 LEVELS

* Nifty May future remained under bear grip throughout the day, ended in the deep red to close at 16411.25.

* Short build up is seen in the Nifty Futures where Open Interest rose by 5.09% with Nifty falling by 1.63%.

* Short build is also seen in the Bank Nifty Futures where Open Interest rose by 7.87% with Bank Nifty falling by 1.82%.

* Nifty Open Interest Put Call fell to 0.74 levels. Amongst the Nifty options (12-May Expiry), Call writing is seen at 16400-16500 levels, Indicating Nifty is likely to find strong resistance in the vicinity of 16400 - 16500 levels. On the Lower side, an immediate support is seen in the vicinity of 16200-16100 levels where we have seen Put writing .

* Short build is seen by FIIS’ in the Index Futures segment where they net sold worth Rs 2490 Cr with their Open Interest going up by 25641 contracts. To Sum It up, Short build up in the Nifty and Bank nifty futures and short build up by FII’s in the index and stock futures segment Indicates that one should remain cautious for the markets. Therefore for traders our advise is to hold short position with the trailing stop loss of 16400 levels. On the lower side 16200-16100 level will act as an immediate support where we have seen Put writing. In the Bank Nifty, where we have seen short build up, our advice is to remain bearish till Bank Nifty trades above 35100 levels. On the lower side support is seen around 34000 levels.

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