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SHORT COVERING WAS SEEN IN THE NIFTY FUTURES

Create Longs with the SL Of 23200 Levels.

* Indian markets rose for the second consecutive session, led by IT and cement stocks. The index recouped 50 points, or 0.22%, to close at 23205.

* Short Covering was seen in the Nifty Futures where Open Interest fell by 0.08% with Nifty rising by 0.22%.

* Short Build-Up was seen in the Bank Nifty Futures where Open Interest rose by 2.08% with Bank Nifty falling by 0.28%.

* Nifty Open Interest Put Call ratio rose to 1.00 levels from 0.88 levels.

* Amongst the Nifty options (30-Jan Expiry), Call writing is seen at 23300-23400 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23300-23400 levels. On the lower side, an immediate support is placed in the vicinity of 23100-23200 levels where we have seen Put writing.

* Short covering was seen by FII's’ in the Index Futures segment where they net bought worth 718 cr with their Open Interest going down by 13799 contracts.

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