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Nifty : The market is placed at the edge of breakout of crucial overhead resistance. Momentum is expected to resume on the upside

Nifty Infrastructure : Formation of crucial bottom reversal pattern. Selective Infra stocks could be in limelight ahead

F&O Highlights

SHORT COVERING WAS SEEN IN BANKNIFTY FUTURES

Create longs with the SL of 25900 levels.

* After opening 117 points lower, Nifty extended its decline in the initial trades to touch an intraday low of 25,904. However, the index demonstrated remarkable resilience, staging a sharp recovery from the lows. It clawed back over 140 points to close near the session's high with a minor loss of only 19 points at 26,027.

* Long Unwinding was seen in the Nifty Futures where Open Interest fell by 2.19% with Nifty falling by 0.08%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 0.07% with Bank Nifty rising by 0.12%.

* Nifty Open Interest Put Call ratio rose to 1.18 levels from 1.15 levels.

* Amongst the Nifty options (16-Dec Expiry), Call writing is seen at 26200-26300 levels, indicating Nifty is likely to find strong resistance in the vicinity of 26200-26300 levels. On the lower side, an immediate support is placed in the vicinity of 25900-25800 levels where we have seen Put writing.

* Short covering was seen by FII's’ in the Index Futures segment where they net bought worth 475 cr with their Open Interest going down by 571 contracts.

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