Index is likely to open on a gap up note today and is likely to remain range bound during the day - Nirmal Bang
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Market Summary:
* Indian markets closed on a negative note where selling was mainly seen in Chemicals, Cement, Metals sectors. Nifty Nov Future closed at 18092.6 (down 124.15 points) at a premium of 64.45 pts to spot.
* FIIs were net buyers in Cash to the tune of 36 Cr and were net sellers in index futures to the tune of 1519.72 Cr.
* India VIX decreased by 2.18% to close at 15.57 touching an intraday high of 16.29.
Open Interest in Nifty Options:
* The above second chart shows previous trading day’s change in Nifty options where Addition in OI were seen at 18000, 17900, 17800 strike Puts and at 17900, 18000, 18100 strike Calls indicating market is likely to remain range bound during the day.
* Highest OI build-up is seen at 18000 strike Calls and 18000 strike Puts, to the tune of 13.61mn and 21.82mn respectively
Outlook on Nifty:
* Index is likely to open on a gap up note today and is likely to remain range bound during the day.
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