IGI Logo

GIFT NIFTY SUGGESTS A REBOUND AT MARKET OPEN

Create longs with the SL Of 22850 Levels.

* The Nifty opened slightly lower and witnessed intense selling in early trade, plunging over 250 points within the first hour. However, after 10:30 AM, a sharp reversal saw the index recover 350 points from its intraday low of 22,798. It eventually closed at 23,045, down 26 points (-0.12%).

* Short Build-Up was seen in the Nifty Futures where Open Interest rose by 2.72% with Nifty falling by 0.12%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 0.92% with Bank Nifty rising by 0.15%.

* Nifty Open Interest Put Call ratio rose to 0.75 levels from 0.69 levels. PCR was near oversold territory.

* Amongst the Nifty options (13-Feb Expiry), Call writing is seen at 23200-23300 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23200-23300 levels. On the lower side, an immediate support is placed in the vicinity of 22900-22800 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 426 cr with their Open Interest going up by 9795 contracts.

Nifty

Formation of a doji at double bottom signal comeback of bulls from the lows. Need confirmation to consider bottom reversal pattern.

Nifty Midcap100

Bulls are preparing to comeback from the low. Need sustainable upside bounce to confirm the same

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ00017133