As expected its was an unwinding day for longs. Addition in 5400 Put confirmed the short buildup. Unwinding in Nifty Futures was 2%, FIIs were Net sellers in Index Futures to the tune of 467 crores or 9.5 lacs of Nifty and O.I in Nifty declined by 5 lacs indicating that retailers are going Long. (Sorry for wrong data of FIIs yesterday corrected on [31st March]) Buildup suggest that we may find support near 5240 - 5220.
Most of the todays Pick were received well, Nifty clearly breaching 5280 and Polaris giving almost 4% intraday but BajajHind as expected was risky trade and was exited with a nominal loss of 1 Rs but still .17% shares in open interest and I'm still counting all additions in this series as bullish signal so keep an eye on the stock as it may rise whenever Nifty moves northward. REC trade possibility is very much possible as unwinding was seen. Usually in unwinding scenario one has to wait for a rise to short as participants who are already Long will look to offload there. Still nice trade possibilities are possible for REC.
EDUCOMP has an interesting Short Buildup as Futures adding 17% in Open Interest. Short build up has been very large suggesting that it can easily reach 700 in 1-2 days.
Hope to see some nice action in FNO n Nifty,
Till then
Happy Trading!!
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