Nifty futures open Interest (+5.9%) continue to rise with Nifty(spot) staying almost flat for the second day. It seems huge hedging is taking place from the start of December contract ahead of crucial Gujarat Assembly elections. Technically, Nifty(spot) took support around its 100day moving average. A close below 10070 is required for Nifty to fall further. On the upside, Nifty(spot) has to break above 10270 for a significant upside.
BankNifty futures OI went up by +3.3% in line with Nifty OI, BankNifty(spot) bounced after touching its 50day moving average of 24937. It may stay in the range of 24950-25400 for the next few days.
BankNifty futures OI went up by +3.3% in line with Nifty OI, BankNifty(spot) bounced after touching its 50day moving average of 24937. It may stay in the range of 24950-25400 for the next few days.