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F&O HIGHLIGHTS

SHORT COVERING IS SEEN IN THE NIFTY AND BANK NIFTY FUTURES

ACCUMULATE LONGS ON DECLINE WITH SL OF 16400 LEVELS

* Nifty continued its upward journey for the fourth day in the row on the back of strong global cues, where it gained by 180 points to close at 16521 levels

* Short covering is seen in the Nifty Futures where Open Interest fell by 13% with Nifty rising by 1.10%.

* Short covering is seen in the Bank Nifty Futures too, where Open Interest fell by 6% with Bank Nifty rising by 0.70%.

* Nifty Open Interest Put Call ratio rose to 1.40 level from 1.35 levels. Amongst the Nifty options (21-July Expiry), Call writing is seen at 16600-16700 levels, Indicating Nifty is likely to find strong resistance in the vicinity of 16600 - 16700 levels. On the lower side, an immediate support is seen in the vicinity of 16400-16500 levels where we have seen Put writing .

* Short covering is seen by FIIS’ in the Index Futures segment where they net bought worth Rs 2823 Cr with their Open Interest going down by 22172 contracts.

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