Index is likely to open on a gap up today and is likely to remain positive during the day - Nirmal Bang
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Market Summary:
* Indian markets closed on a positive note where buying was mainly seen in Chemicals, Realty, Cement sectors. Nifty Sep Future closed at 17964.3 (up 97.90 points) at a premium of 28 pts to spot.
* FIIs were net buyers in Cash to the tune of 2050 Cr and were net buyers in index futures to the tune of 928.91 Cr.
* India VIX increased by 1.24% to close at 17.94 touching an intraday high of 18.38
Open Interest in Nifty Options:
* The above second chart shows previous trading day’s change in Nifty options where Addition in OI were seen 18000, 17900, 17800 strike Puts and at 18200, 18300, 18500 strike Calls indicating bullish undertone in the market in the near term.
* Highest OI build-up is seen at 18000 strike Calls and 17500 strike Puts, to the tune of 11.43mn and 9.08mn respectively.
Outlook on Nifty:
* Index is likely to open on a gap up today and is likely to remain positive during the day.
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