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* After two consecutive days of decline, Nifty experienced a relief rally, gaining 128 points, or 0.56%, to close at 22957.

* Long Build-Up was seen in the Nifty Futures where Open Interest rose by 3.13% with Nifty rising by 0.56%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 8.03% with Bank Nifty rising by 1.67%.

* Nifty Open Interest Put Call ratio rose to 0.95 levels from 0.75 levels.

* Amongst the Nifty options (30-Jan Expiry), Call writing is seen at 23100-23200 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23100-23200 levels. On the lower side, an immediate support is placed in the vicinity of 22900-23000 levels where we have seen Put writing.

* Long unwinding was seen by FII's in the Index Futures segment where they net sold worth 489 cr with their Open Interest going down by 26136 contracts.

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