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SHORT BUILD UP WAS SEEN IN NIFTY FUTURES

Create Shorts with the SL of 23300 Levels.

* Indian indices closed lower on Friday as auto and IT stocks dragged, with Nifty falling 72 points (-0.31%) to 23,519 after failing to sustain higher levels. Despite the drop, Nifty gained 0.72% for the week and 6.3% for the month.

* Short Build-Up was seen in the Nifty Futures where Open Interest rose by 2.50% with Nifty falling by 0.31%.

* Long Unwinding was seen in the Bank Nifty Futures where Open Interest fell by 0.69% with Bank Nifty falling by 0.02%.

* Nifty Open Interest Put Call ratio fell to 0.92 levels from 1.01 levels.

* Amongst the Nifty options (03-Apr Expiry), Call writing is seen at 23600-23700 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23600-23700 levels. On the lower side, an immediate support is placed in the vicinity of 23400-23300 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 3,116 cr with their Open Interest going up by 12880 contracts.

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