Nifty concluded a highly volatile session in the red yesterday, shedding 175 points (0.70%) to close at 24,826. - HDFC Securities
LONG UNWINDING WAS SEEN IN NIFTY & BANK NIFTY FUTURES
Create Longs with the SL of 24650 Levels.
* Nifty concluded a highly volatile session in the red yesterday, shedding 175 points (0.70%) to close at 24,826. From its intraday high of 24,973, the index witnessed a fall of more than 300 points before recovering some ground.
* Long Unwinding was seen in the Nifty Futures where Open Interest fell by 2.82% with Nifty falling by 0.70%.
* Long Unwinding was seen in the Bank Nifty Futures where Open Interest fell by 0.18% with Bank Nifty falling by 0.39%.
* Nifty Open Interest Put Call ratio fell to 0.82 levels from 1.06 levels.
* Amongst the Nifty options (29-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 build-up was seen by FII's in the Index Futures segment where they net sold worth 2,989 cr with their Open Interest going up by 12607 contracts.
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Nifty Open Interest Put Call ratio fell to 0.76 levels from 0.82 levels - HDFC Securities
