Nifty Open Interest Put Call Ratio fell to 1.67 levels from 1.73 levels - HDFC Securities
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Nifty Open Interest Put Call Ratio fell to 1.67 levels from 1.73 levels - HDFC Securities
F&O HIGHLIGHTS
SHORT COVERING IS SEEN IN THE NIFTY FUTURES
HOLD LONG POSITION WITH THE TRAILING STOP LOSS OF 16400
* Nifty registered the fresh record high despite weak global market cues supported by heavyweights like Reliance , Tata steel and other Financial stocks and finally ended the day with the gain of 33.95 points to close at 16563.05 levels.
* Minor short covering was seen in Nifty Futures’, where Open Interest fell by 0.04% with Nifty rising by 0.21%
* Short build up was seen in Bank Nifty Futures’ where Open Interest rose by 5% with Bank Nifty falling by 0.21%
* Nifty Open Interest Put Call Ratio fell to 1.67 levels from 1.73 levels. Amongst the Nifty options (18-August Expiry), Put writing was seen at 16400 levels, Indicating Nifty is likely to find support in the vicinity of 16500-16400 levels. On the higher side, an immediate resistance is seen in the vicinity of 16600-16700 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 322 Cr with their Open Interest going up by 1683 contracts.
To Sum It Up, Short covering in the Nifty Futures, Put writing at 16500-16400 levels and long build by FIIs in the stock futures segment Indicates that one should remain optimistic for the markets.
Therefore, our advise is to remain bullish with the trailing stop loss of 16400 levels. On the higher side 16600-16700 level will act as an immediate resistance where Calls have been written
In the Bank Nifty, our advice is to accumulate longs with the stop loss of 35600 levels. On the higher side, resistance is seen in the vicinity of 36300-36600 levels.
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