Nifty Open Interest Put Call ratio rose to 1.05 levels from 0.86 levels - HDFC Securities Ltd
LONG BUILD UP WAS SEEN IN NIFTY & BANK NIFTY FUTURES
Create Longs with the SL Of 22350 Levels
* Indian markets broke their 10-session losing streak, surging 254 points or 1.15%, to close at 22337. Strong uptick in US futures and easing oil prices facilitated the rebound.
* Long Build-Up was seen in the Nifty Futures where Open Interest rose by 0.40% with Nifty rising by 1.15%.
* Long Build-Up was seen in the Bank Nifty Futures where Open Interest rose by 2.62% with Bank Nifty rising by 0.51%.
* Nifty Open Interest Put Call ratio rose to 1.05 levels from 0.86 levels.
* Amongst the Nifty options (06-Mar Expiry), PUT writing is seen at 22400-22300 levels, indicating Nifty is likely to find strong support in the vicinity of 22400-22300 levels. On the higher side, an immediate resistance is placed in the vicinity of 22600-22700 levels where we have seen Call writing.
* Long build-up was seen by FII's in the Index Futures segment where they net bought worth 411 cr with their Open Interest going up by 845 contracts.
Nifty : Sharp upmove and the formation of short term bottom reversal pattern. Expected to challenge the hurdles of around 22500 & 22750 level
Nifty IT : Formation of short term reversal pattern on the upside post sharp weakness. More upside could be in store.
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