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SHORT COVERING WAS SEEN IN BANK NIFTY FUTURES

Create Longs with the SL Of 23500 Levels.

* The Nifty exhibited significant volatility, falling over 200 points from its intraday high of 23,773. However, it recovered more than 50 points from its intraday low of 23,555, ultimately closing lower by 93 points (0.39%) at 23,603. Trading volumes in NSE cash markets were down 4% compared to the previous session.

* Short Build-Up was seen in the Nifty Futures where Open Interest rose by 1.35% with Nifty falling by 0.39%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 0.36% with Bank Nifty rising by 0.1%.

* Nifty Open Interest Put Call ratio fell to 0.95 levels from 1.25 levels.

* Amongst the Nifty options (13-Feb Expiry), Call writing is seen at 23700-23800 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23700-23800 levels. On the lower side, an immediate support is placed in the vicinity of 23600-23500 levels where we have seen Put writing.

* Long unwinding was seen by FII's in the Index Futures segment where they net sold worth 1,222 cr with their Open Interest going down by 659 contracts.

Nifty

Range bound move; Breakout or breakdown will lead the direction.

Nifty Pharma Index

Indicators & Oscillators are bullish; Expect Further Upside

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