F&O Outlook:Bears wrest initiative from bullsB G Shirsat / Mumbai April 11, 2008The markets were expected to consolidate on Thursday on account of the breakout seen yesterday, but this was not to be. After opening flat and touching an intra-day high of 4795, the Nifty futures declined to a low of 4710 following the creation of fresh short positions.The Nifty April futures reacted sharply from the resistance level of 4800 to close near the support level of 4700. The bears wrested the initiative from bulls by pulling the Nifty futures from 4800 levels to 4710, indicating the possibility of a weak opening tomorrow.The bulls too were wary of the markets above 4800 levels. Having held on to their intra-day long positions for most part of the day, the bulls started booking profits when the Nifty futures began to trade at a discount.The fight between bulls and bears saw open interest in Nifty futures increasing by 26.43 lakh shares or Rs 13.21 crore, and accompanied with the rising futures discount, indicated a built-up in short positions. However, the open interest in Nifty futures declined by 10.90 lakh shares at close of trading.Profit booking took place not only in Nifty futures, but also key stocks futures such as Reliance Industries, Larsen & Toubro and Infosys Technologies just an hour before close.Reliance Industries reacted sharply from the day
