Anand Rathi - The Strategist

Nifty futures lost OI to the tune of 0.68% with prices coming down indicating longs liquidating their positions as market could not sustain at higher level market at higher levels with nifty futures not ready to move above 4180 levels. If nifty sustains below 4140 levels we may see fresh short positions being formed in nifty futures .The nifty may show real strength once it crosses 4180 marks as lot of short covering may be seen in nifty futures around those levels and fresh buying may come around those levels. The FIIs sold nifty futures to the tune 384 crs. The PCR has come down from 1.33 to 1.25 levels which indicates weakness in the market.

Among the Big guns ONGC saw significant built up in OI to the tune of 3.68 %with prices coming down around 0.36% indicating that both bulls& bears were aggressive as counter came to its short term support level. .RELIANCE saw built up in OI to the tune of 1.08 % with prices coming down 0.56% indicating short positions building in the counter indicating in the weakness in the counter.

On the TECH front, ,TCS, saw built up in OI with prices coming down indicating short positions are formed indicating weakness in the counter whereas INFOSYSTCH,WIPRO,SATYAMCOMP saw a fall in OI with prices coming down in indicating longs liquidating their positions performing in line with the market.

On the Metal front, we saw fall in OI with prices coming up in both the majors HINDALCO and TATASTEEL indicating fresh buying coming in the counters which forced shorts to cover their positions indicating strength in these counters. SAIL saw built up of significant OI i.e. 7.70 % with prices going up marginally indicating their was selling pressure at higher levels which the counter may sustain if overall metal pack performs well.

In the BANKING arena SBIN saw fall in OI with prices flat to negative indicating that both weak bulls and bears came out of the market whereas heavy built up is seen in ICICIBANK with prices flat indicating both bulls and bears were aggressive in the counter.

However being the last day of the settlement we could see a surprise spring in the market if shorts are covered.

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Thanks Yash