Nifty spot: 7475.60 (+106.75)
INDEX FUTURES:
In todays trading session FII added 9439 Index long contracts and 4503 Index short positions. After some days FII added some INDEX short positions. Looks like nifty will face some sort of resistance at 7500.
INDEX OPTIONS:
In todays rally FII added 26795 contracts of INDEX CALL LONG positions compared to small 5154 contracts of INDEX PUT LONG.
Figures of 30684 put short contracts added by FII shows Bulls wants market further up.
7500CE open interest @5136300 is strong resistance as of now. Need further followup buying in 7600CE for further up move. Bears covering call short positions as per Open interest data.
7000PE open interest @7042675 is strong support area. Bulls keep on shorting Put options can see in FII figures also.
Overall view is still bullish. .. Buy dips is best strategy till spot 7400 holds.
Have nice trading day
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