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Nifty continued its upward journey for the sixth days on the trot where it gained 98 points to close at 15436 levels - HDFC Securities

F&O HIGHLIGHTS

LONG BUILD UP WAS SEEN IN THE NIFTY FUTURES

REMAIN BULLISH WITH TRAILING STOP LOSS OF 15300 LEVELS

* Nifty continued its upward journey for the sixth days on the trot where it gained 98 points to close at 15436 levels.

* Long build up was seen in Nifty Futures’ where Open Interest rose by 6% with Nifty rising by 0.64%.

* Long build was seen in the Bank Nifty Futures too, where we have seen 2% rise in the Open Interest with Bank Nifty rising by 0.1%.

* Nifty Open Interest Put Call Ratio fell to 1.32 levels from 1.38 levels. Amongst the Nifty options (03-June Expiry), Put writing was seen at 15300-15400 levels, Indicating support is seen around 15300 levels. On the higher side, resistance is seen in the vicinity of 15500-15600 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 438 Cr with their Open Interest going up by 9302 contracts.

To Sum It Up, long build up in Nifty futures, Long build up in the Bank Nifty Futures, Put writing at 15300-15400 levels and long build up by FIIs’ in the Index Futures segment Indicates that one should continue to remain optimistic for the markets.

Therefore, our advise is to remain bullish with the trailing stop loss of 15300 levels. On the higher side 15500-15600 levels will act as an immediate resistance where Calls have been written

In the Bank Nifty, our advice is to buy on decline with SL of 34500 levels. On the higher side, resistance is seen in the vicinity of 35500-36000 levels.

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