Indian Markets rebound sharply - IIFL

Markets rebounded sharply and closed above the 50% retracement support (5,664 to 5,971) in yesterday's session and also above its 100-DMA. Despite yesterday's recovery, Nifty continues to trade in a range between 5,800-5,970 and one should be waiting for breakout on either side to take clear cut view. Hence fresh long positions should be initiated only above 5,970.

Sensex March future which shed 9660 cont in open interest has seen long unwinding.

On option front, Sensex Mar 20,000 strike call which shed 1020 cont in open interest has seen unwinding, while put unwinding was seen at Mar 19,400 strike which shed 2430 cont in open interest.

Source : Equity Bulls

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