Nifty Open Interest Put Call ratio fell to 0.97 levels from 1.16 levels - HDFC Securities Ltd
LONG BUILD UP WAS SEEN BY FII’s IN THE INDEX FUTURES SEGMENT
Create Longs with the SL Of 23600 Levels.
* On February 5, 2025, Nifty opened 60 points higher but lost momentum due to minor profit booking throughout the day. The index closed with a loss of 42 points (0.18%) at 23,696. NSE cash market volumes were down 9% compared to the previous session.
* Long Unwinding was seen in the Nifty Futures where Open Interest fell by 0.40% with Nifty falling by 0.18%.
* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 0.87% with Bank Nifty rising by 0.37%.
* Nifty Open Interest Put Call ratio fell to 0.97 levels from 1.16 levels.
* Amongst the Nifty options (06-Feb Expiry), Call writing is seen at 23800-23900 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23800-23900 levels. On the lower side, an immediate support is placed in the vicinity of 23700-23600 levels where we have seen Put writing.
* Long build-up was seen by FII's in the Index Futures segment where they net bought worth 633 cr with their Open Interest going up by 2878 contracts.
Nifty
Finds Resistance at Downward Sloping Trend Line; Fresh Breakout Above 23800
Nifty Oil & Gas Index
Higher Top and Higher Bottom Formation; Expect Further Upside
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