IGI Logo

Nifty fell more than 100 points from the high and finally ended the day with the losses of 65 points- HDFC Securities

F&O HIGHLIGHTS

F&O HIGHLIGHTS

LONG UNWINDING WAS SEEN IN THE BANK NIFTY FUTURES

ACCUMULATE LONG POSITIONS WITH SL OF 14200 LEVELS​​​​​​​

* Nifty fell more than 100 points from the high and finally ended the day with the losses of 65 points to close at 14341 levels

* Short build up is seen in Nifty Futures’ where Open Interest rose by 1% with Nifty falling by 0.45%.

* On the other hand, Long unwinding is seen in the Bank Nifty Futures, where we have seen 2% fall in the Open Interest with Bank Nifty falling by 0.2%.

* Nifty Open Interest Put Call Ratio fell to 1.27 levels from 1.37 levels. Amongst the Nifty options (29-April Expiry), Put writing was seen at 14200-14300 levels, Indicating 14200 level will act as a strong support. On the higher side, an immediate resistance is seen in the vicinity of 14500- 14600 levels where we have seen Call writing.

* Minor short build up was seen by FIIS’ in the Index Futures segment where they net sold worth Rs 233 Cr with their Open Interest going up by 8517 contracts. On the other hand, In the stock futures segment they created fresh longs where they bought worth Rs 1297 Cr with open interest going up by 8657 contracts.

To Sum It Up, long unwinding in the Bank Nifty Futures-no short build up, Put writing at 14200- 14300 levels and long build up by FIIs’ in the stock Futures segment Indicates that one should remain optimistic for the markets.

Therefore, our advise is to accumulate long positions with the stop loss of 14200 levels. On the higher side 14500-14600 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 31000 levels. On the higher side, an immediate resistance is seen in the vicinity of 32000-32200 levels, followed by 32600 levels

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer