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The Nifty settled above the 17200 mark. All the sectoral indices on the NSE ended in green  -  HDFC Securities

F&O HIGHLIGHTS

LONG BUILT UP WAS SEEN IN THE NIFTY FUTURES

ACCUMULATE LONGS ON DECLINE WITH THE STOP LOSS OF 17000 LEVELS​​​​​​​

* The Nifty ended with strong gains on Tuesday, tracking positive global trend. The Nifty settled above the 17200 mark. All the sectoral indices on the NSE ended in green. Autos, consumer durables and oil & gas stocks were in demand. Nifty Finally closed up by 147 points at 17233.25.

* Long built up was seen in the Nifty Futures where Open Interest rose by 0.51% with Nifty rising by 0.86%.

* Short covering was seen in the Bank Nifty Futures where Open Interest fell by 0.44% with Bank Nifty rising by 0.36%.

* Nifty Open Interest Put Call ratio rose to 1.34 from 1.25 level. Amongst the Nifty options (30-Dec Expiry), Put writing is seen at 17000 levels, Indicating Nifty is likely to find support in the vicinity of 17000 - 17100 levels. On the higherside, an immediate resistance are seen in the vicinity of 17300 - 17400 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 34 Cr with their Open Interest going up by 4308 contracts. To Sum It up, Long built up in the Nifty futures, Short covering in the Bank Nifty Futures and Put writing at 17000 levels Indicates that Indicates that one should be bullish on the lower levels

Therefore, our advise is to accumulate longs on dips with the stop loss of 17000 levels. On the higher side 17300 - 17400 levels will act as a strong resistance.

In the Bank Nifty, our advice is to go long on dips with trailing SL of 34500 levels. On the higher side 35000 - 35500 level may act as resistance going forward.

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