Nifty Open Interest Put Call ratio fell to 0.69 levels from 0.82 levels. PCR has reached near oversold territory - HDFC Securities Ltd
SHORT BUILD UP WAS SEEN IN THE NIFTY FUTURES
Create Longs on dips with the SL of 24550 Levels.
* Indian equity benchmarks declined sharply yesterday amid reports of increasing COVID-19 cases in Southeast Asian countries like Singapore and Hong Kong. The Nifty fell for the third consecutive session, shedding 261 points (1.05%) to close at 24,683.
* Short Build-Up was seen in the Nifty Futures where Open Interest rose by 9.50% with Nifty falling by 1.05%.
* Long Unwinding was seen in the Bank Nifty Futures where Open Interest fell by 0.57% with Bank Nifty falling by 0.98%.
* Nifty Open Interest Put Call ratio fell to 0.69 levels from 0.82 levels. PCR has reached near oversold territory.
* 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 24500-24600 levels where we have seen Put writing.
* Long unwinding was seen by FII's in the Index Futures segment where they net sold worth 2,784 cr with their Open Interest going down by 3466 contracts.
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