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SHORT COVERING UP WAS SEEN IN THE NIFTY & BANK NIFTY FUTURES

Create Longs with the SL of 24250 Levels

* Nifty opened lower by 147 points as investors turned cautious following news of Operation Sindoor, a targeted strike by Indian forces on terror sites in response to the recent Pahalgam attack. However, Nifty recovered more than 200 points from the early morning lows as markets digested the news. The Nifty finally ended the day with 34 points, or 0.14% gains, at 24414 levels.

* Short Covering was seen in the Nifty Futures where Open Interest fell by 2.03% with Nifty rising by 0.14%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 6.68% with Bank Nifty rising by 0.63%.

* Nifty Open Interest Put Call ratio rose to 0.97 levels from 0.92 levels.

* Amongst the Nifty options (08-May Expiry), Call writing is seen at 24500-24600 levels, indicating Nifty is likely to find strong resistance in the vicinity of 24500-24600 levels. On the lower side, an immediate support is placed in the vicinity of 24200-24300 levels where we have seen Put writing.

* Short covering was seen by FII's’ in the Index Futures segment where they net bought worth 469 cr with their Open Interest going down by 4933 contracts.

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