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LONG BUILD UP WAS SEEN IN THE NIFTY FUTURES

Create Longs with the SL of 24650 Levels.

* The Nifty snapped its three-day losing streak today, driven by broad-based buying across the market. After opening 60 points higher on the back of strong Asian cues, the index maintained its strong momentum for the first hour and a half, touching an intraday high of 24,946. However, profit-booking at higher levels led to a more than 200-point fall from this peak. Nifty then staged a recovery from its intraday low, ultimately ending the day with a gain of 129 points (0.52%) to close at 24,813.

* Long Build-Up was seen in the Nifty Futures where Open Interest rose by 5.92% with Nifty rising by 0.52%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 0.06% with Bank Nifty rising by 0.36%.

* Nifty Open Interest Put Call ratio rose to 0.81 levels from 0.69 levels.

* Amongst the Nifty options (22-May Expiry), Call writing is seen at 24900-25000 levels, indicating Nifty is likely to find strong resistance in the vicinity of 24900-25000 levels. On the lower side, an immediate support is placed in the vicinity of 24600-24700 levels where we have seen Put writing.

* Short covering was seen by FII's’ in the Index Futures segment where they net bought worth 201 cr with their Open Interest going down by 7 contracts.

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