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Nifty broke the six day winning streak where it fell by more than 150 points - HDFC Securities 

F&O HIGHLIGHTS

LONG UNWINDING WAS SEEN IN THE NIFTY FUTURES

REMAIN BULLISH WITH STOP LOSS OF 14950 LEVELS

* Nifty broke the six day winning streak where it fell by more than 150 points from the intraday high and finally ended the day with the losses of 6 points to close at 15109 levels.

* Long unwinding was seen in Nifty Futures’ where Open Interest fell by 0.17% with Nifty falling by 6 points.

* On the other hand, Long build up was seen in the Bank Nifty Futures, where we have seen 0.4% rise in the Open Interest with Bank Nifty rising by 0.2%.

* Nifty Open Interest Put Call Ratio fell to 1.38 levels from 1.52 levels. Amongst the Nifty options (11-Feb Expiry), Put writing was seen at 15000 levels, Indicating 14950-15000 level will act as a strong support. On the higher side, resistance is seen in the vicinity of 15200-15300 levels where we have seen Call writing.

* Short covering was seen by FIIS’ in the Index Futures segment where they net bought worth Rs 371 Cr with their Open Interest going down by 1027 contracts.

To Sum It Up, Long unwinding in the Nifty Futures(No short build up), Long build up in the Bank Nifty Futures, Put writing at 15000 levels and short covering by the FIIs in the Index Futures segment Indicates that one should continue to remain bullish for the markets Therefore, our advise is remain bullish with the trailing stop loss of 14950 levels.

On the higher side 15200-15300 level will act as a resistance where Calls have been written In the Bank Nifty, our advice is to buy on decline with the stop loss of 35500 levels. On the higher side, resistance is seen in the vicinity of 36500-36800 levels.

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