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Nifty continued its upward journey for the third day in the row where it gained by 212 points- HDFC Securities

F&O HIGHLIGHTS

LONG BUILD UP IS SEEN IN THE NIFTY FUTURES

ACCUMULATE LONG POSITIONS WITH TRAILING SL OF 14700 LEVELS

* Nifty continued its upward journey for the third day in the row where it gained by 212 points to close at 14865 levels

* Long build up is seen in Nifty Futures’ where Open Interest rose by 11% with Nifty rising by 1.4%.

* On the other hand, short covering is seen in the Bank Nifty Futures, where we have seen 3% fall in the Open Interest with Bank Nifty rising by whopping 3%.

* Nifty Open Interest Put Call Ratio rose to 1.57 levels from 1.51 levels. Amongst the Nifty options (29-April Expiry), Put writing was seen at 14700-14800 levels, Indicating support has now shifted upwards to 14700 level. On the higher side, resistance is seen in the vicinity of 15000-15100 levels where we have seen Call writing. 

* Long build up was seen by FIIS’ in the Stock Futures segment where they net bought worth Rs 1368 Cr with their Open Interest going up by 7628 contracts. 

To Sum It Up, long build up in Nifty Futures, Short covering in the Bank Nifty Futures, rise in the Nifty Open Interest Put Call ratio on the back of Put writing at 14700-14800 levels and long build up by FIIs’ in the Index & stock Futures segment Indicates that one should continue to remain optimistic for the markets.

Therefore, our advise is to accumulate long positions with the trailing stop loss of 14700 levels. On the higher side 15000-15100 level will act as an immediate resistance where Calls have been written

In the Bank Nifty, our advice is to accumulate long positions with the stop loss of 33300 levels. On the higher side, an immediate resistance is seen in the vicinity of 34000-34200 levels.

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