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LONG BUILD UP WAS SEEN IN NIFTY FUTURES

Create Longs with the SL Of 22450 Levels.

* Nifty advanced for the second consecutive session, gaining 207 points (0.93%) to close at 22,544, driven by short covering and strong global cues.

* Long Build-Up was seen in the Nifty Futures where Open Interest rose by 1.48% with Nifty rising by 0.93%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 2.77% with Bank Nifty rising by 0.28%.

* Nifty Open Interest Put Call ratio rose to 1.14 levels from 1.08 levels.

* Amongst the Nifty options (13-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 22700-22800 levels where we have seen Call writing.

* Short covering was seen by FII's’ in the Index Futures segment where they net bought worth 1,744 cr with their Open Interest going down by 5529 contracts.

Nifty : Upside momentum is gaining strength. The next upside hurdles to be watched around 22750-22800 levels.

Nifty Metal : In the process of sharp upside breakout of multiple resistances. Metal stocks could be in limelight ahead.

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