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Nifty Open Interest Put Call ratio rose to 0.89 from 0.84 levels - HDFC Securities

F&O HIGHLIGHTS

* Nifty futures ended on a negative note with the loss of 61.30 points to close at 17033.60 levels. 

* Short build up is seen in the Nifty Futures where Open Interest rose by 3.53% with Nifty falling by 0.36%.

* Short build up is seen in the Bank Nifty Futures too where Open Interest rose by 4.2% with Bank Nifty falling by 0.78%.

* Nifty Open Interest Put Call ratio rose to 0.89 from 0.84 levels. Amongst the Nifty options (02-DEC Expiry), Put writing is seen at 17000 levels, Indicating Nifty is likely to find support in the vicinity of 17000- 16900 levels. On the higher side, an immediate resistance is seen in the vicinity of 17200 - 17300 levels where we have seen Call writing.

* Long build up is seen by FIIS’ in the Index Futures segment where they net bought worth Rs 1589 Cr with their Open Interest going up by 4315 contracts.

To Sum It up, Put writing at 17000 levels and long build up by FIIS’ in index and stock futures segment Indicates that one should be optimistic for the markets.

Therefore, our advise is to hold longs with the strict stop loss of 16900 levels. On the higher side 17200-17300 levels will act as a strong resistance.

In the Bank Nifty, our advice is to go long with strict stop loss of 35200 levels. On the higher side 35900-36200 level may act as resistance going forward.

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