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SHORT COVERING UP WAS SEEN IN THE NIFTY & BANK NIFTY FUTURES

Create Longs with the SL of 25050 Levels.

* After opening 31 points higher, the Nifty immediately faced selling pressure, which dragged the index down by 86 points to 24882. However, post-9:35 A.M., the Nifty sharply reversed its trend, registering a recovery of 229 points from its day's low. The index ultimately concluded the session with a gain of 122 points, or 0.49%, closing at 25090.

* Short Covering was seen in the Nifty Futures where Open Interest fell by 1.38% with Nifty rising by 0.49%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 5.93% with Bank Nifty rising by 1.19%.

* Nifty Open Interest Put Call ratio rose to 0.96 levels from 0.78 levels.

* Amongst the Nifty options (24-Jul Expiry), Call writing is seen at 25200-25300 levels, indicating Nifty is likely to find strong resistance in the vicinity of 25200-25300 levels. On the lower side, an immediate support is placed in the vicinity of 25000-25100 levels where we have seen Put writing.

* Short covering was seen by FII's’ in the Index Futures segment where they net bought worth 570 cr with their Open Interest going down by 3302 contracts.

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