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Nifty registered the fresh record high despite weak global market cues and finally ended the day with the gain of 51.55 points to close at 16614.60 levels  - HDFC Securities

F&O HIGHLIGHTS

SHORT COVERING UP IS SEEN IN THE NIFTY FUTURES

HOLD LONG POSITION WITH THE TRAILING STOP LOSS OF 16500​​​​​​​

* Nifty registered the fresh record high despite weak global market cues and finally ended the day with the gain of 51.55 points to close at 16614.60 levels.

* Short covering was seen in Nifty Futures’, where Open Interest fell by 0.35% with Nifty rising by 0.31%

* Long unwinding up was seen in Bank Nifty Futures’ where Open Interest fell by 2% with Bank Nifty falling by 0.63%

* Nifty Open Interest Put Call Ratio remained unchanged at 1.67 levels. Amongst the Nifty options (18-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 unwinding was seen by FIIS’ in the Index Futures segment where they net sold worth Rs 459 Cr with their Open Interest going down by 2273 contracts.

To Sum It Up, Short covering in the Nifty Futures, Put writing at 16500-16400 levels and long build by FIIs in the stock futures segment Indicates that one should remain optimistic for the markets.

Therefore, our advise is to remain bullish with the trailing stop loss of 16500 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 accumulate longs with the stop loss of 35500 levels. On the higher side, resistance is seen in the vicinity of 36100-36400 levels.

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