Index is likely to open on a gap down note today and is likely to remain under pressure during the day - Nirmal Bang
Market Summary:
* Indian markets closed on a negative note where selling was mainly seen in Cement, IT sectors. Nifty Sep Future closed at 17621.7. (down 86.25 points) at a premium of 3.60 pts to spot.
* FIIs were net sellers in Cash to the tune of 2226 Cr and were net sellers in index futures to the tune of 2468.25 Cr.
* India VIX decreased by 2.30% to close at 18.40 touching an intraday high of 18.84.
Open Interest in Nifty Options:
* The above second chart shows previous trading day’s change in Nifty options where Additions in OI were seen in 17700, 17600 strike Calls while liquidation was seen at 17700, 17800 strike Puts indicating neutral to bearish undertone in the market during the day.
* Highest OI build-up is seen at 18000 strike Call and 17000 strike Put, to the tune of 10.96mn and 10.84mn respectively.
Outlook on Nifty:
* Index is likely to open on a gap down note today and is likely to remain under pressure during the day.
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