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Create Longs on dips with the SL Of 23250 Levels.

* The index faced resistance at its previous swing high of 23,391, leading to modest profit-taking near the session's close.

* Long Build-Up was seen in the Nifty Futures where Open Interest rose by 1.45% with Nifty rising by 0.61%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 0.32% with Bank Nifty rising by 1.67%.

* Nifty Open Interest Put Call ratio rose to 1.03 levels from 0.91 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 23200-23300 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 298 cr with their Open Interest going up by 27319 contracts.

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