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F&O HIGHLIGHTS

LONG UNWINDING IS SEEN IN THE NIFTY & BANK NIFTY FUTURES

REMAIN CATIOUS TILL NIFTY CLOSES ABOVE 16100 LEVEL.

* Nifty May future opened on a stronger note but failed to hold its gain and ended marginally lower, where it fell by 19 points or 0.12% to close at 16240.30 levels.

* Long unwinding is seen in the Nifty Futures where Open Interest fell by 3.9% with Nifty falling by 0.12%.

* Long unwinding is seen in the Bank Nifty Futures too, where Open Interest fell by 8.7% with Bank Nifty falling by 0.4%.

* Nifty Open Interest Put Call ratio fell to 0.87 level from 1.12 levels. Amongst the Nifty options (19-April Expiry), Call writing is seen at 16300-16400 levels, Indicating Nifty is likely to find strong resistance in the vicinity of 16300 - 16400 levels. On the lower side, an immediate support is seen in the vicinity of 15900-15800 levels where we have seen Put writing .

* Long build is seen by FIIS’ in the Index Futures segment where they net bought worth Rs 62 Cr with their Open Interest going up by 1095 contracts.

To Sum It up, Long unwinding in the Nifty & Bank Nifty Futures and Call writing at 16300-16400 levels Indicates that one should remain cautious for the markets.

Therefore for traders our advise is to remain cautious till Nifty closes above 16100 level. On the lower side 15900-15800 level will act as an immediate support where we have seen Put writing.

In the Bank Nifty, where we have seen long unwinding, our advice is to remain cautious till Bank Nifty closes above 33800 levels. On the downside support is seen around 33000 levels.

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