Index is likely to open on a negative note today and is likely to remain cautious during the day - Nirmal Bang
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Market Summary:
* Indian markets closed on a flat note where selling was mainly seen in Automobile, Pharma, Finance sectors. Nifty Oct Future closed at 17227.4 (down 101.40 points) at a discount of 13.55 pts to spot.
* FIIs were net sellers in Cash to the tune of 2139 Cr and were net sellers in index futures to the tune of 1315.88 Cr.
* India VIX increased by 4.30% to close at 19.62 touching an intraday high of 20.34.
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 17200, 17100, 17000 strike Puts and at 17200, 17100, 17000 strike Calls indicating that the index is likely to remain range-bound in the near term.
* Highest OI build-up is seen at 17500 strike Calls and 17000 strike Puts, to the tune of 8.75mn and 14.95mn respectively.
Outlook on Nifty:
* Index is likely to open on a negative note today and is likely to remain cautious during the day.
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