IGI Logo

F&O HIGHLIGHTS

LONG BUILD UP IS SEEN IN THE BANK NIFTY FUTURES

NIFTY NEAR STRONG SUPPORT ; ACCUMULATE LONG WITH THE STOP LOSS OF 17450 LEVELS​​​​​​​

➢ Nifty continued its losing streak for the second day in the row on the back of weak global cues , where it fell by 145 points or 0.82% to close at 17530 levels.

➢ Short build up is seen in the Nifty Futures where Open Interest rose by 2.34% with Nifty falling by 0.82%.

➢ On the other hand, Long build up is seen in the Bank Nifty Futures where Open Interest rose by 1% with Bank Nifty rising by 0.36%.

➢ Nifty Open Interest Put Call ratio fell to 0.75 levels from 0.86 levels. Amongst the Nifty options (13-April Expiry), Call writing is seen at 17700-17800 levels, Indicating Nifty is likely to find strong resistance in the vicinity of 17700 - 17800 levels. On the lower side, an immediate support is seen in the vicinity of 17400-17500 levels where we have seen Put writing .

➢ Short build up is seen by FIIS’ in the Index Futures segment where they net sold worth Rs 1528 Cr with their Open Interest going up by 4245 contracts. To Sum It up, Long build up in the Bank Nifty futures, Fall in the Nifty put call ratio to an oversold level of 0.75 and Put writing at 17400-17500 levels Indicates that downside is limited in the markets. Therefore, our advise is to accumulate longs with the stop loss of 17450 levels. On the higher side 17700-17800 level will act as a resistance where we have seen Call writing. In the Bank Nifty, which outperformed the Nifty yesterday, our advice is to go long with SL of 37300 levels. On the higher side 38000-38200 level may act as an immediate resistance

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer