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SHORT BUILD UP WAS SEEN IN THE NIFTY FUTURES

Create Shorts with the SL of 24800 Levels.

* The Nifty yesterday experienced its third consecutive session of declines, falling by 156 points (0.63%) to close at 24680. After opening 55 points lower, the index attempted an early morning recovery. However, post-10:30 A.M., the downtrend resumed, dragging the Nifty more than 240 points from its day's high of 24889.

* Short Build-Up was seen in the Nifty Futures where Open Interest rose by 1.37% with Nifty falling by 0.63%.

* Long Unwinding was seen in the Bank Nifty Futures where Open Interest fell by 3.74% with Bank Nifty falling by 0.25%.

* Nifty Open Interest Put Call ratio fell to 0.64 levels from 0.70 levels. PCR is near oversold territory.

* Amongst the Nifty options (31-Jul Expiry), Call writing is seen at 24800-24900 levels, indicating Nifty is likely to find strong resistance in the vicinity of 24800-24900 levels. On the lower side, an immediate support is placed in the vicinity of 24500-24600 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 1,179 cr with their Open Interest going up by 10730 contracts.

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