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GIFT NIFTY SUGGESTS GAP UP OPENING

Create Longs on dips with the SL Of 23000 Levels.

* Nifty fell to the fourth consecutive session on the back of weak global cues by losing 345 points or 1.47%, to close at 23085.

* Short Build-Up was seen in the Nifty Futures where Open Interest rose by 5.39% with Nifty falling by 1.47%.

* Short Build-Up was seen in the Bank Nifty Futures where Open Interest rose by 0.41% with Bank Nifty falling by 1.42%.

* Nifty Open Interest Put Call ratio fell to 0.72 levels from 0.88 levels. PCR is near oversold territory.

* Amongst the Nifty options (16-Jan Expiry), Call writing is seen at 23200-23300 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23200-23300 levels. On the lower side, an immediate support is placed in the vicinity of 22900-23000 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 1,419 cr with their Open Interest going up by 20298 contracts.

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