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Market Summary:

* Indian markets closed on a negative note where selling was mainly seen in IT, FMCG, Pharma sectors. Nifty July Future closed at 16491.3 (down 140.80 points) at a premium of 7.45 pts to spot.

* FIIs were net sellers in Cash to the tune of 1548 Cr and were net sellers in index futures to the tune of 923.71 Cr.

* India VIX increased by 2.77% to close at 18.17 touching an intraday high of 18.27.

Open Interest in Nifty Options:

* The above second chart shows previous trading day’s change in Nifty options where Addition in OI were seen in 16700, 16600, 16500 strike Calls while liquidation was seen at 16600, 16700, 16800 strike Puts indicating that the index is likely to remain range bound in the near term.

* Highest OI build-up is seen at 17000 strike Calls and 16000 strike Puts, to the tune of 14.16mn and 11.55mn respectively.

Outlook on Nifty:

* Index is likely to open on a flattish note today and is likely to remain range bound during the day.

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