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Create Longs on dips with the SL Of 23200 Levels.

* The Nifty continued its upward momentum for the third straight session, closing 98 points higher (0.42%) at 23,311, driven by positive global sentiment

* Long Build-Up was seen in the Nifty Futures where Open Interest rose by 1.94% with Nifty rising by 0.42%.

* Long Build-Up was seen in the Bank Nifty Futures where Open Interest rose by 1.46% with Bank Nifty rising by 1.08%.

* Nifty Open Interest Put Call ratio rose to 1.01 levels from 0.82 levels.

* Amongst the Nifty options (23-Jan 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 23100-23200 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 881 cr with their Open Interest going up by 6130 contracts.

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