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Nifty gained 70 points on the back of strong global cues to close at all time high at 15924 levels - HDFC Securities

F&O HIGHLIGHTS

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

REMAIN BULLISH WITH THE TRAILING STOP LOSS OF 15800 LEVELS

* Nifty gained 70 points on the back of strong global cues to close at all time high at 15924 levels.

* Long build up was seen in Nifty Futures’ where Open Interest rose by 4% with Nifty rising by 0.44%

* Long build up was seen in Ban Nifty Futures’ where Open Interest rose by 4% with Bank Nifty rising by 0.70%

* Nifty Open Interest Put Call Ratio rose further to 1.29 levels from 1.23 levels. Amongst the Nifty options (22-July Expiry), Put writing was seen at 15800-15900 levels, Indicating Nifty is likely to find support in the vicinity of 15800-15900 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 706 Cr with their Open Interest going up by 4748 contracts.

To Sum It Up, Long build up in the Nifty Futures, Long build up in the Bank Nifty Futures, rise in the Nifty Open Interest Put Call ratio on the back of Put writing at 15800-15900 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 35500 levels. On the higher side, resistance is seen in the vicinity of 36000-36200 levels.

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