Nifty 10577 (+100) BankNifty 25921(+251)
Nifty futures open Interest declined by -3.7% indicating Short covering as markets gained after continuous fall. So far in February contract there had been no substantial build up of positions on either side as traders fear overnight movement in US markets that may result in gap up or gap down in the morning session. Technically, Nifty(spot) closed marginally above its 50day moving average of 10560. If manages to hold above 10560 then it can move towards 10730 otherwise it can once again test its 100day moving average of 10370.
OI in BankNifty declined by -2.9% indicating unwinding of Short positions. Technically, BankNifty(spot) if holds above 25600 then it can move towards 26200-26300. On the downside, a break below 25600 would take it towards 25300-25200 levels.
Nifty futures open Interest declined by -3.7% indicating Short covering as markets gained after continuous fall. So far in February contract there had been no substantial build up of positions on either side as traders fear overnight movement in US markets that may result in gap up or gap down in the morning session. Technically, Nifty(spot) closed marginally above its 50day moving average of 10560. If manages to hold above 10560 then it can move towards 10730 otherwise it can once again test its 100day moving average of 10370.
OI in BankNifty declined by -2.9% indicating unwinding of Short positions. Technically, BankNifty(spot) if holds above 25600 then it can move towards 26200-26300. On the downside, a break below 25600 would take it towards 25300-25200 levels.