The Nifty ended with steep losses on Tuesday, snapping their three-day rising streak - HDFC Securities
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The Nifty ended with steep losses on Tuesday, snapping their three-day rising streak - HDFC Securities
F&O HIGHLIGHTS
SHORT BUILD UP WAS SEEN IN THE BANK NIFTY FUTURES
ACCUMULATE SHORT WITH THE STOP LOSS OF 17900 LEVELS
* The Nifty ended with steep losses on Tuesday, snapping their three-day rising streak. The Nifty managed to close near the 17,750 level after hitting an intraday low of 17,576.10 in mid afternoon trade. PSU banks rallied while IT shares corrected. Nifty finally ended the day with the losses of 106.50 points at 17748.60 levels.
* Unwinding was seen in the Nifty Futures where Open Interest fell by 0.73% with Nifty falling by 0.60%.
* On the other hand, short build up was seen in Bank Nifty Futures’ where Open Interest rose by 1.48% with Bank Nifty falling by 0.59%.
* Nifty Open Interest Put Call Ratio fell further to 0.94 from 1.11 level. Amongst the Nifty options (30-Sep Expiry), Put writing was seen at 17600-17700 levels, Indicating Nifty is likely to find support in the vicinity of 17600 - 17700 levels. On the higher side, an immediate resistance is seen in the vicinity of 17800 - 17900 levels where we have seen Call writing.
* Short built up was seen by FIIS’ in the Index Futures segment where they net sold worth Rs 2205 Cr with their Open Interest going up by 23065 contracts. To Sum It Up, Short build up in the Bank Nifty futures, Call writing at 17800 - 17900 levels and short build up by FIIs’ in the Index Futures segment Indicates that one should be cautious on the markets.
Therefore, our advise is to create short positions on every rise by keeping stop loss at 17900 level.
In the Bank Nifty, where we have seen short build up, our advice is to go short with stop loss at 38000 level.
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