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SHORT COVERING WAS SEEN IN NIFTY & BANKNIFTY FUTURES

Create Longs with the SL Of 23100 Levels.

* Nifty rose for the fourth consecutive session, with a gain of 283 points or 1.24%, to close at 23190. This is the highest Nifty close since 10 Feb..

* Short Covering was seen in the Nifty Futures where Open Interest fell by 3.17% with Nifty rising by 1.24%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 3.02% with Bank Nifty rising by 0.72%.

* Nifty Open Interest Put Call ratio fell to 1.15 levels from 1.20 levels.

* Amongst the Nifty options (27-Mar Expiry), Call writing is seen at 23400-23500 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23400-23500 levels. On the lower side, an immediate support is placed in the vicinity of 23100-23000 levels where we have seen Put writing.

* Short covering was seen by FII's’ in the Index Futures segment where they net bought worth 2,933 cr with their Open Interest going down by 3636 contracts.

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