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Nifty continued its upward journey for the third day on the trot where it ended the day with the gains of 41 points to close at 15854 levels - HDFC Securities

F&O HIGHLIGHTS

LONG BUILD UP WAS SEEN IN THE NIFTY FUTURES

REMAIN BULLISH WITH THE TRAILING STOP LOSS OF 15800 LEVELS​​​​​​​

* Nifty continued its upward journey for the third day on the trot where it ended the day with the gains of 41 points to close at 15854 levels.

* Long build up was seen in Nifty Futures’ where Open Interest rose by 3.3% with Nifty gaining by 0.26%.

* On the other hand, profit booking was seen in the Bank Nifty Futures at higher levels, where we have seen 2% fall in the Open Interest with Bank Nifty falling by 0.01%.

* Nifty Open Interest Put Call Ratio rose sharply to 1.23 levels from 1.10 levels. Amongst the Nifty options (15-July Expiry), Put writing was seen at 15800-15850 levels, Indicating Nifty is likely to find support in the vicinity of 15700-15800 levels. On the higher side, resistance is seen around 15950-16000 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 278 Cr with their Open Interest going up by 2963 contracts.

To Sum It Up, Long build up in the Nifty Futures, rise in the Nifty Open Interest Put Call ratio on the back of Put writing at 15500-15850 levels and long build up by the FIIS’ in the Index futures segment Indicates that one should remain optimistic for the markets.

Therefore, our advise is to remain bullish with the trailing stop loss of 15800 levels. On the higher side 15950-16000 level will act as an immediate resistance where Calls have been written

In the Bank Nifty, our advice is to accumulate longs on decline with the stop loss of 35400 levels. On the higher side, resistance is seen in the vicinity of 36000-36200 levels.

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