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SHORT COVERING UP WAS SEEN IN NIFTY & BANK NIFTY FUTURES

Create Longs with the SL Of 23600 Levels.

* On February 4, 2025, Nifty closed at 23,739.25, up 1.09%, driven by positive global cues. The U.S. pausing tariffs on Canada and Mexico eased trade war concerns, boosting Indian and Asian markets..

* Short Covering was seen in the Nifty Futures where Open Interest fell by 2.12% with Nifty rising by 1.62%.

* Short Covering was seen in the Bank Nifty Futures too, where Open Interest fell by 10.51% with Bank Nifty rising by 1.93%.

* Nifty Open Interest Put Call ratio rose to 1.16 levels from 0.87 levels.

* Amongst the Nifty options (06-Feb Expiry), Call writing is seen at 23900-24000 levels, indicating Nifty is likely to find strong resistance in the vicinity of 23900-24000 levels. On the lower side, an immediate support is placed in the vicinity of 23600-23500 levels where we have seen Put writing.

* Short covering was seen by FII's’ in the Index Futures segment where they net bought worth 5,354 cr with their Open Interest going down by 2129 contracts.

Nifty :

Upside Bounce From The Higher Bottom of 23100 Levels. More Upsides Likely.

Nifty Midcap100 :

Crucial Hurdles Like Opening Downside Gap And 200 day EMA Has Been Surpassed.

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