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Short Build Up Was Seen In Nifty & BANK NIFTY FUTURES

Create Longs with the SL Of 23300 Levels.

* The index opened on a weak note on Monday and faced persistent selling pressure throughout the session. Despite recovering 50 points from its intraday low of 23,316, it settled 178 points lower, down 0.76%, at 23,381.6.

* Short Build-Up was seen in the Nifty Futures where Open Interest rose by 2.50% with Nifty falling by 0.76%.

* Short Build-Up was seen in the Bank Nifty Futures where Open Interest rose by 4.49% with Bank Nifty falling by 0.35%.

* Nifty Open Interest Put Call ratio fell to 0.75 levels from 0.83 levels. PCR was near oversold territory.

* Amongst the Nifty options (13-Feb Expiry), Call writing is seen at 23600-23700 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23600-23700 levels. On the lower side, an immediate support is placed in the vicinity of 23300-23200 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 1,815 cr with their Open Interest going up by 7940 contracts.

Nifty :

Range bound move; Breakout or breakdown will lead the direction.

Nifty Pharma Index :

Indicators & Oscillators are bullish; Expect Further Upside

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