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GIFT NIFTY SUGGESTING POSITIVE OPENING

Create longs with the SL Of 22900 Levels.

* Nifty fell for the fifth straight day, dropping nearly 500 points over two sessions. After a brief positive start, it faced selling pressure but recovered over 100 points in the last hour, ended the day lower with 310 points or 1.32% at 23,071.80.

* Short Build-Up was seen in the Nifty Futures where Open Interest rose by 1.63% with Nifty falling by 1.32%.

* Short Build-Up was seen in the Bank Nifty Futures where Open Interest rose by 16.96% with Bank Nifty falling by 1.16%.

* Nifty Open Interest Put Call ratio fell to 0.69 levels from 0.75 levels. PCR was near oversold territory.

* Amongst the Nifty options (13-Feb Expiry), Call writing is seen at 23200-23300 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23200-23300 levels. On the lower side, an immediate support is placed in the vicinity of 23000-22900 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 1,685 cr with their Open Interest going up by 11076 contracts

Nifty :

Decisive downside breakout of cluster supports around 23400. The next downside to be watched around 22800 or lower.

Nifty Pharma :

Sharp downside breakout of cluster supports. Further weakness from here could form a new lower bottom in the near term.

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