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Nifty ended higher by 98 points on the back of strong global cues to close at 14823.15 levels- HDFC Securities

F&O HIGHLIGHTS

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

HOLD LONG WITH THE STOPLOSS OF 14700.

* Nifty ended higher by 98 points on the back of strong global cues to close at 14823.15 levels

* Long buildup was seen in Nifty Futures’ where Open Interest rose by 1% with Nifty rising by 0.67%.

* Long buildup was seen in Bank Nifty Futures 'too, where Open Interest rose by 2% with Bank Nifty rising by 0.23%.

* Nifty Open Interest Put Call ratio rose to 1.33 levels from 1.30 levels. Amongst the Nifty options (12-May), Put writing was seen 14700-14800 levels, Indicating 14700 level to act as a support going forward. On the higher side, immediate resistance is seen around 15000-15100 level where calls have been written.

* Long build up was seen by FIIS’ in the Index Futures segment where they net bought worth Rs 402 Cr with their Open Interest going up by 3099 contracts.

To Sum It Up, Long build up in Nifty and Bank Nifty Futures, Put writing at 14700-14800 levels and long build up by FIIs’ in the Index Futures segment Indicates that one should be optimistic for the markets.

Therefore, our advise is to hold long position with the strict SL of 14700 levels. On the higher side resistance is seen around 15100 levels where Calls have been written.

In the Bank Nifty our advice is to create long position with the stop loss of 32600 levels. On the higher side, resistance is seen in the vicinity of 33500-33700 levels

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