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Nifty ended higher on the back of strong global cues where it gained by 76.40 points - HDFC Securities 

F&O HIGHLIGHTS

LONG BUILDUP WAS SEEN IN THE NIFTY & BANK NIFTY FUTURES

REMAIN BULLISH WITH TRAILING SL OF 15100

* Nifty ended higher on the back of strong global cues where it gained by 76.40 points to close at 15174.80 level.

* Long build up was seen in Nifty Futures’ where Open Interest rose by 0.5% with Nifty rising by 0.5 %.

* Minor Long build up was seen in the Bank Nifty Futures, where we have seen 0.03% rise in the Open Interest with Bank Nifty rising by 0.2 %.

* Nifty Open Interest Put Call Ratio fell to 1.39 level from 1.63 level. Amongst the Nifty options (18-Mar Expiry), Call writing was seen at 15400-15500 levels, Indicating 15500 level will act as a strong resistance. On the lower side, resistance is seen in the vicinity of 15100-15000 levels where we have seen Put writing.

* Short covering was seen by FIIS’ in the Index Futures segment where they net bought worth Rs 88 Cr with their Open Interest going down by 3575 contracts.

To Sum It Up, Long build up in the Nifty and Bank Nifty Futures and short covering by the FIIs’ in the Index Futures segment Indicates that one should continue to remain bullish for the markets Therefore, our advise is to remain long in the Nifty with the trailing stop loss of 15100 level.

On the higher side 15400-15500 level will act as a resistance where Calls have been written In the Bank Nifty, our advice is to remain long with the stop loss of 35400 levels. On the higher side, resistance is seen in the vicinity of 36900-37300 levels.

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