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The barometer index, the S&P BSE Sensex, rose 157.45 points or 0.27% to 58,807.13 -  HDFC Securities

F&O HIGHLIGHTS

LONG BUILT UP WAS SEEN IN THE NIFTY FUTURES

ACCUMULATE LONGS ON DECLINE WITH THE STOP LOSS OF 17400 LEVELS​​​​​​​

* The Nifty ended with decent gains on Thursday, extending their winning streak for third consecutive session. The barometer index, the S&P BSE Sensex, rose 157.45 points or 0.27% to 58,807.13. The Nifty 50 index added 47.10 points or 0.27% to 17,516.85. Both the indices have risen about 3.60% in three sessions. Nifty Finally closed with the gains of 47.10 points at 17516.85.

* Long built up was seen in the Nifty Futures where Open Interest rose by 4.44% with Nifty rising by 0.27%.

* Unwinding was seen in the Bank Nifty Futures where Open Interest fell by 2.57% with Bank Nifty falling by 0.54%.

* Amongst the Nifty options (16-Dec Expiry), Put writing is seen at 17400 levels, Indicating Nifty is likely to find support in the vicinity of 17400 - 17500 levels. On the higher side, an immediate resistance are seen in the vicinity of 17600 - 17700 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 749 Cr with their Open Interest going up by 4320 contracts.

To Sum It up, long built up in the Nifty futures and Put writing at 17400 levels Indicatesthat Indicatesthat one should remain optimistic on the markets

Therefore, our advise is to accumulate longs on dips with the stop loss of 17400 levels. On the higher side 17600 - 17700 levels will act as a strong resistance.

In the Bank Nifty, our advice is to go long on dips with trailing SL of 36500 levels. On the higher side 38000 - 38500 level may act as resistance going forward.

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