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Nifty continued its upward journey for the second day - HDFC Securities

F&O HIGHLIGHTS

LONG BUILD UP WAS SEEN IN THE NIFTY & BANK NIFTY FUTURES

REMAIN LONG WITH THE STOP LOSS OF 14400 LEVELS

* Nifty continued its upward journey for the second day in the row where it ended the day with the gains of 77 points to close at 14581 levels

* Minor long build up was seen in Nifty Futures’ where Open Interest rose by 0.2% with Nifty rising by 0.53%.

* Long build up was seen in the Bank Nifty Futures too, where we have seen 12% rise in the Open Interest with Bank Nifty gained by 1.07%.

* Amongst the Nifty options (22-April Expiry), Put writing was seen at 14400-14500 levels, Indicating 14400 level will act as a strong support. On the higher side, an immediate resistance is seen in the vicinity of 14700-14800 levels where we have seen Call writing.

* Long build up was seen by FIIS’ in the Index Futures segment where they net bought worth Rs 1309 Cr with their Open Interest going up by 6065 contracts.

To Sum It Up, Long build up in the Nifty and Bank Nifty Futures, Put writing at 14400-14500 levels and long build up by the FIIs’ in the Index Futures segment Indicates that one should continue to remain optimistic for the markets Therefore, our advise is to remain bullish and accumulate long positions with the trailing stop loss of 14400 levels.

On the higher side 14700-14800 level will act as an immediate resistance where Calls have been written In the Bank Nifty, where we have seen long build up, our advice is to accumulate long positions with the trailing stop loss of 31500 levels. On the higher side, resistance is seen in the vicinity of 32500-33000 levels.

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