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Nifty ended the day with the gain of 128.15 points to close at 16627.60 levels low on the back of positive global cues - HDFC Securities

F&O HIGHLIGHTS

LONG BUILD UP IS SEEN IN THE NIFTY FUTURES

REMAIN BULLISH WITH THE TRAILING STOP LOSS OF 16450 LEVELS

* Nifty ended the day with the gain of 128.15 points to close at 16627.60 levels low on the back of positive global cues

* Long build was seen in Nifty Futures’, where Open Interest rose by 3% with Nifty rising by 0.78%

* Short covering was seen in Bank Nifty Futures’ where Open Interest fell by 10% with Bank Nifty rising by 1.67%

* Nifty Open Interest Put Call Ratio rose to 1.39 levels from 1.15 levels. Amongst the Nifty options (26-August Expiry), Put writing was seen at 16500 levels, Indicating Nifty is likely to find support in the vicinity of 16500-16400 levels. On the higher side, an immediate resistance is seen in the vicinity of 16700-16800 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 1103 Cr with their Open Interest going up by 18489 contracts.

To Sum It Up, Long build up in the Nifty futures, Short covering in the Bank Nifty Futures, 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 16450 levels. On the higher side 16700-16800 level will act as an immediate resistance where Calls have been written

In the Bank Nifty, our advice is to hold long position with the stop loss of 35300 levels. On the higher side, resistance is seen in the vicinity of 35900-36300 levels.

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