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Nifty February Future opened the week on a positive note at 5346 and short covering was seen on Monday and Tuesday. On Wednesday, long build-up was seen. On Thursday, Nifty February future made high at 5550 and closed in the green at 5543.3, with 61.05 points gain and 1.15% increase in open interest. Clearly, long build-up was seen on Thursday too. Nifty February future closed with 0.15 point discount. Nifty PCR (V) has been trading at 1.06 levels on Thursday, which is healthier.
During the week, max open interest (OI) was seen in 5400/5500 and 5300 put. On Thursday, short build-up was seen in 5600 and 5500 put, with 50.85% and 26.96% increase in OI respectively. Long unwinding was seen in 5400 put. On the call side, maximum OI was seen in 5600/5500 and 5700 calls. On Thursday, short covering was seen in 5700 and 5500 calls, with 2.15% and 13.21% decrease in OI and long build-up was seen in 5600 calls with 6.21% increase in OI. Overall scenario shows Nifty has good support in 5300-5400 zone and Resistance may be seen in 5600-5700 zones.
Decrease in OI and positive price movement i.e. short covering was seen in Century Textile and HDFC. Short build-up was seen in ONGC. As per sector performance, capital goods and banking sectors have been major outperformers, while realty, healthcare and IT sectors have been major underperformers on Thursday. Although short covering was seen in Century Textile, the scrip managed to breakout above the support at 330 and a rally up to 360-365 may be seen in the next few days. ONGC, which has been trading in a short-term downtrend, showed short build-up from resistance near 280-285. Below 285, weakness may continue and the stock may decline up to 265-272.
During the week, max open interest (OI) was seen in 5400/5500 and 5300 put. On Thursday, short build-up was seen in 5600 and 5500 put, with 50.85% and 26.96% increase in OI respectively. Long unwinding was seen in 5400 put. On the call side, maximum OI was seen in 5600/5500 and 5700 calls. On Thursday, short covering was seen in 5700 and 5500 calls, with 2.15% and 13.21% decrease in OI and long build-up was seen in 5600 calls with 6.21% increase in OI. Overall scenario shows Nifty has good support in 5300-5400 zone and Resistance may be seen in 5600-5700 zones.
Decrease in OI and positive price movement i.e. short covering was seen in Century Textile and HDFC. Short build-up was seen in ONGC. As per sector performance, capital goods and banking sectors have been major outperformers, while realty, healthcare and IT sectors have been major underperformers on Thursday. Although short covering was seen in Century Textile, the scrip managed to breakout above the support at 330 and a rally up to 360-365 may be seen in the next few days. ONGC, which has been trading in a short-term downtrend, showed short build-up from resistance near 280-285. Below 285, weakness may continue and the stock may decline up to 265-272.
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