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F&O HIGHLIGHTS

SHORT COVERING IS SEEN IN THE NIFTY FUTURES

ACCUMULATE LONGS ON DECLINE WITH SL OF 16100 LEVELS

* Nifty continued its upward journey for the second day in the row on the back of strong global cues, where it gained by 229 points to close at 16279 levels

* Short covering is seen in the Nifty Futures where Open Interest fell by 6% with Nifty rising by 1.43%.

* On the other hand, long build up is seen in the Bank Nifty Futures, where Open Interest rose by 7% with Bank Nifty rising by 2%.

* Nifty Open Interest Put Call ratio fell to 1.36 level from 1.21 levels. Amongst the Nifty options (21-July Expiry), Put writing is seen at 16100-16200 levels, Indicating Nifty is likely to find strong support in the vicinity of 16100 - 16200 levels. On the higher side, an immediate resistance is seen in the vicinity of 16400-16500 levels where we have seen Call writing .

* Short covering is seen by FIIS’ in the Index Futures segment where they net bought worth Rs 1395 Cr with their Open Interest going down by 17661 contracts.

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