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Market Summary:

* Indian markets closed on a negative note where selling was mainly seen in Cement, Automobile, Pharma sectors. Nifty May Future closed at 16702.5 (down 381.75 points) at a premium of 24.90 pts to spot.

* FIIs were net sellers in Cash to the tune of 3288 Cr and were net sellers in index futures to the tune of 3233.42 Cr.

* India VIX increased by 7.86% to close at 21.88 touching an intraday high of 22.39.

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 17000, 16900, 16800 strike Calls while liquidation was seen at 17000, 16900, 16800 strike Puts indicating market is likely to remain cautious in near term.

* Highest OI build-up is seen at 17000 strike Calls and 16500 strike Puts, to the tune of 13.75mn and 9.87mn respectively.

Outlook on Nifty:

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

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