Nifty Pivot for 18th Feb09

Nifty Pivot :
----S2-----------S1-------------Pivot-----------R1------------R2----
2726.95-----2748.70------2779.05------2800.80-----2831.15

Dow Pivot :
----S2-----------S1-------------Pivot-----------R1------------R2----
7,355.13-----7,453.86------7,649.75------7,748.48-----7,944.37

FTSE Pviot :
----S2-----------S1-------------Pivot-----------R1------------R2----
3,915.40-----3,974.76------4,054.76------4,114.12-----4,194.12

Traders booked profits and built fresh short positions on disappointment over the Interim Budget and weak world markets. Heavyweights such as Reliance Industries (RIL), ICICI Bank, Tata Steel, Suzlon Industries and Unitech witnessed short build-up in the futures and options (F&O). Nifty February futures continued to trade at a discount to the spot and shed an open interest (OI) of 2.02 million shares, indicating unwinding of long positions. Unwinding was observed in most of the put options, mainly at 2,800 and 2,900 strike, in the last few days, indicating that traders expected the Nifty to trade below 2,800 going forward.