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Market Summary:

* Indian markets closed on a negative note where selling was mainly seen in Finance, IT, Automobile sectors. Nifty May Future closed at 16177.9 (down 69.15 points) at a premium of 10.85 pts to spot.

* FIIs were net sellers in Cash to the tune of 3609 Cr and were net sellers in index futures to the tune of 965.64 Cr.

* India VIX increased by 2.24% to close at 22.80 touching an intraday high of 24.19.

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 16300, 16200, 16100, 16000 strike Calls and at 16000, 15900, 15800 strike Puts indicating neutral to bearish undertone in the market during the day.

* Highest OI build-up is seen at 16500 strike Calls and 16000 strike Puts, to the tune of 12.73mn and 13.91mn respectively.

Outlook on Nifty:

Index is likely to open on a gap down note today and is likely to remain cautious during the day.

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