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F&O HIGHLIGHTS

LONG UNWINDING IS SEEN IN THE NIFTY & BANK NIFTY FUTURES

BE BULLISH ONLY ABOVE 15100

* Nifty witnessed volatile trading activity throughout the day and ended lower by 78 points on the back of weak global cues to close at 15030.15 levels

* Long unwinding was seen in Nifty Futures’ where Open Interest fell by 2% with Nifty falling by 0.52%.

* Long unwinding was also was seen in the Bank Nifty Futures where we have seen 3% fall in the Open Interest with Bank Nifty closed 0.7% lower.

* Nifty Open Interest Put Call ratio fell to 1.25 levels from 1.39 levels. Amongst the Nifty options (20-May), Call writing was seen 15100-15200 levels, Indicating 15100 level to act as a resistance going forward. On the lower side, immediate support is seen around 14900-14800 level where calls have been written.

* Short covering seen by FIIS’ in the Index Futures segment where they net bought worth Rs 142 Cr with their Open Interest going down by 6337 contracts.

To Sum It Up, long unwinding in the Nifty and Bank Nifty futures, Call writing at 15100-15200 levels and Short build up by FII’s in the Stock future segment indicates that one should be cautious for the market.

Therefore, our advise is remain captious till nifty closes above 15100 level. On the lower side support is seen around 14900-14800 levels where Calls have been written

In the Bank Nifty our advice is to remain cautious till bank nifty closes above 34000. On the lower side, support is seen in the vicinity of 33000-333400 levels

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