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GIFT NIFTY SUGGESTS GAP DOWN OPENING

Create Longs with the SL of 23000 Levels.

* Nifty snapped its two-day losing streak, rallying 166 points, or 0.72%, to close at 23,332.

* Short Covering was seen in the Nifty Futures where Open Interest fell by 0.74% with Nifty rising by 0.72%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 2.17% with Bank Nifty rising by 1.02%.

* Nifty Open Interest Put Call ratio rose to 0.96 levels from 0.76 levels.

* Amongst the Nifty options (03-Apr Expiry), Call writing is seen at 23300-23400 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23300-23400 levels. On the lower side, an immediate support is placed in the vicinity of 23000-23100 levels where we have seen Put writing.

* Long build-up was seen by FII's in the Index Futures segment where they net bought worth 663 cr with their Open Interest going up by 4959 contracts.

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