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SHORT COVERING WAS SEEN IN THE NIFTY FUTURES

Create Longs on dips with the SL of 24500 Levels.

* The Nifty opened with a positive bias, gaining 35 points on the back of supportive global cues, and continued its upward momentum until first hour of trading. However, profittaking emerged at higher levels, leading to a sharp intraday decline of over 200 points from the peak of 24,767. The second half of the session saw a strong recovery of over 150 points from the day's low, ultimately closing with a gain of 88 points (0.36%) at 24,666.

* Short Covering was seen in the Nifty Futures where Open Interest fell by 3.47% with Nifty rising by 0.36%.

* Short Build-Up was seen in the Bank Nifty Futures where Open Interest rose by 1.51% with Bank Nifty falling by 0.25%.

* Nifty Open Interest Put Call ratio rose to 0.89 levels from 0.85 levels.

* Amongst the Nifty options (15-May Expiry), Call writing is seen at 24800-24900 levels, indicating Nifty is likely to find strong resistance in the vicinity of 24800-24900 levels. On the lower side, an immediate support is placed in the vicinity of 24400-24500 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 258 cr with their Open Interest going up by 1899 contracts.

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