FIIs have increased their long positions in stock futures to almost 60%, indicating a potential market turnaround after a recent sell-off.

The NSE Nifty 50 ended its seven-day losing streak on November 19, 2024, closing at 23,518.5, reflecting a modest gain of 0.28%. Analysts emphasize the importance of maintaining the 23,500 level for the index to continue its recovery, with the possibility of testing the 23,700 to 24,000 range in the near future.

Today"s trading session showed signs of stabilization, with FIIs increasing their stock futures longs and the Nifty staying above the critical 23,500 mark. There is significant put writing at the 23,000, 22,500, and 21,800 Nifty strikes, each with over 200,000 open interest contracts. Call writing has also exceeded 200,000 contracts at strikes up to 25,000, indicating a wide range of market activity. The put-call ratio (PCR) at the 23,500 strike is approximately 1, and if this level holds and improves, analysts suggest a quick move towards 24,000 could be expected.