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Thursday, 11 January 2018

Nifty closed above immediate resistance level of 10650 mark

Markets continue to remain resilient as benchmark index witnessed sharp recover in the trade today. Nifty Realty index continued its dream run, closing 2% higher, backed by the strong rallies in Godrej Prop, Oberoi Realty and IB Realty.

Capital First and IDFC Bank rallied on account of a speculation of a merger. Market breadth ended in favor of advances with Advance decline ratio closing at 1:1x.

Nifty and Bank Nifty Index futures added fresh open interest to the tune of ~5.04/1.88 lakh shares, indicating a buildup of long positions.

Tracking the Nifty options, out of the money call option strikes saw large unwinding of short positions as the index inched higher.

Nifty 10700CE saw an unwinding of 3.98 lakh shares in open interest, indicating a positive bias for the index going forward. 10600PE added ~13 lakh shares in open interest consisting of mainly short positions. India Vix ended the day at 14.01 down 0.2%.

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