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F&O HIGHLIGHTS

SHORT COVEIRNG IS SEEN IN THE NIFTY AND BANK NIFTY FUTURES

REMAIN BULLISH WITH THE STOP LOSS OF 17600 LEVELS ; RESISTANCE IS SEEN IN THE VICINITY OF 18000-18100

* Nifty broke the three day losing streak on Friday, where it rose by 145 points or 0.82% to close at 17784 levels.

* Short covering is seen in the Nifty Futures where Open Interest fell by 3% with Nifty rising by 0.82%.

* Short covering is seen in the Bank Nifty Futures too where Open Interest fell by 1.6% with Bank Nifty rising by 0.52%.

* Nifty Open Interest Put Call ratio rose to 1.01 levels from 0.90 levels. Amongst the Nifty options (13-April Expiry), Put writing is seen at 17600-17700 levels, Indicating Nifty is likely to find strong support around 17600 levels. On the higher side, an immediate resistance is seen in the vicinity of 18000-18100 levels where we have seen Call writing .

* Short covering is seen by FIIS’ in the Index Futures segment where they net bought worth Rs 163 Cr with their Open Interest going down by 9485 contracts. To Sum It up, Short covering in the Nifty Futures, Short covering in the Bank Nifty futures, short covering by FIIS in the index futures segments and rise in the Put Call ratio on the back of Put writing at 17600-17700 levels Indicates that downside is limited in the markets and one should remain optimistic for the markets. Therefore, If Nifty opens lower as our SGX Nifty is suggesting, our advise is to accumulate long positions with the stop loss of 17600 levels. On the higher side 17900-18000 level will act as a resistance where we have seen Call writing. In the Bank Nifty, our advice is to go long with SL of 37300 levels. On the higher side 38000-38200 level may act as a resistance going forward.

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