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Nifty : Absence of sharp momentum during declines. Higher possibility of bounce back from near the supports of 26100-26000

Nifty IT : Comeback of bulls after a reasonable downward correction. Formation of higher bottom at the cluster supports.

F&O Highlights

SHORT BUILD UP WAS SEEN IN THE NIFTY FUTURES

Create shorts with the SL of 26350 levels.

* Nifty extended its losing streak to a third straight session, slipping 37 points to settle at 26,140, but managing to close off the day’s low. The index went through a choppy session, underscoring indecision and a clear tug-of-war between bulls and bears. A smart 86-point recovery in the last hour helped the index defend the crucial 26,100 support zone.

* Short Build-Up was seen in the Nifty Futures where Open Interest rose by 0.49% with Nifty falling by 0.14%.

* Long Unwinding was seen in the Bank Nifty Futures where Open Interest fell by 10.28% with Bank Nifty falling by 0.21%.

* Nifty Open Interest Put Call ratio fell to 0.89 levels from 0.92 levels.

* Amongst the Nifty options (13-Jan Expiry), Call writing is seen at 26300-26400 levels, indicating Nifty is likely to find strong resistance in the vicinity of 26300-26400 levels. On the lower side, an immediate support is placed in the vicinity of 26000-26100 levels where we have seen Put writing.

* Long unwinding was seen by FII's in the Index Futures segment where they net sold worth 1,450 cr with their Open Interest going down by 702 contracts

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