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Nifty gained 93 points to close at 15301 levels, highest close since 16-Feb-2021 - HDFC Securities

F&O HIGHLIGHTS 

LONG BUILD UP WAS SEEN IN THE NIFTY FUTURES

REMAIN BULLISH WITH TRAILING STOP LOSS OF 15200 LEVELS

* Nifty gained 93 points to close at 15301 levels, highest close since 16-Feb-2021

* Long build up was seen in Nifty Futures’ where Open Interest rose by 5% with Nifty rising by 0.61%.

* Long build was seen in the Bank Nifty Futures too, where we have seen 7% rise in the Open Interest with Bank Nifty rising by 0.1%.

* Nifty Open Interest Put Call Ratio rose to 1.38 levels from 1.22 levels. Amongst the Nifty options (27-May Expiry), Put writing was seen at 15200-15300 levels, Indicating support is seen around 15200 levels. On the higher side, resistance is seen in the vicinity of 15400-15450 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 1290 Cr with their Open Interest going up by 11564 contracts.

To Sum It Up, long build up in 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 15200-15300 levels and long build up by FIIs’ in the Index Futures segment Indicates that one should continue to remain optimistic for the markets.

Therefore, our advise is to remain bullish with the trailing stop loss of 15200 levels. On the higher side 15400-15450 level will act as an immediate resistance where Calls have been written

In the Bank Nifty, which closed flat yesterday, our advice is to go long only above 35000 levels. On the lower side, support is seen in the vicinity of 34200-34500 levels.

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