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NIFTY : Minor Profit Booking Seen at Highs; Bullish Structure and Uptrend Intact

NIFTY AUTO INDEX: Momentum Oscillators Flash Bullish as Uptrend Holds—Buy on Dips

F&O Highlights

LONG UNWINDING WAS SEEN IN THE NIFTY & BANK NIFTY FUTURES

Create longs with the SL of 26000 levels.

* In a day before yesterday session after a flat start, buying lifted Nifty to an intraday high of 26,235 in the first hour. However, momentum shifted after 10:30 AM as correction set in, pulling the index down more than 100 points from its intraday highs. The Nifty finally ended the session with a loss of 35 point to close at 26,142. .

* Long Unwinding was seen in the Nifty Futures where Open Interest fell by 1.49% with Nifty falling by 0.13%.

* Long Unwinding was seen in the Bank Nifty Futures where Open Interest fell by 4.62% with Bank Nifty falling by 0.20%.

* Nifty Open Interest Put Call ratio fell to 0.98 levels from 1.14 levels.

* Amongst the Nifty options (30-Dec 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.

* Short covering was seen by FII's’ in the Index Futures segment where they net bought worth 1,032 cr with their Open Interest going down by 7847 contracts.

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