Nifty is likely to find strong resistance in the vicinity of 23400-23500 levels - HDFC Securities
MASSIVE LONG UNWINDING WAS SEEN IN BANK NIFTY FUTURE
Create Longs with the SL of 23200 Levels.
* Indian equities began fiscal year 2025-26 with a sharp decline as major indices plummeted nearly 2%, reflecting anxieties surrounding the economic implications of President Trump's imminent reciprocal tariffs scheduled for implementation April 2.
* Short Build-Up was seen in the Nifty Futures where Open Interest rose by 1.42% with Nifty falling by 1.50%.
* Long Unwinding was seen in the Bank Nifty Futures where Open Interest fell by 24.79% with Bank Nifty falling by 1.43%.
* Nifty Open Interest Put Call ratio fell to 0.76 levels from 0.92 levels.
* Amongst the Nifty options (03-Apr Expiry), Call writing is seen at 23400-23500 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23400-23500 levels. On the lower side, an immediate support is placed in the vicinity of 23100-23200 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 2,927 cr with their Open Interest going up by 8271 contracts.
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