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Market Summary:

* Indian markets closed on a negative note where selling was mainly seen in Banking, Finance, Metals sectors. Nifty May Future closed at 15769.4 (down 456.60 points) at a discount of 39.95 pts to spot.

* FIIs were net sellers in Cash to the tune of 4900 Cr and were net buyers in index futures to the tune of 920.77 Cr.

* India VIX increased by 10.14% to close at 24.56 touching an intraday high of 25.15

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 15800, 15600, 15500 strike Puts and at 16000, 15900, 15800 strike Calls indicating market is likely to remain range bound in the near term.

* Highest OI build-up is seen at 16000 strike Calls and 15500 strike Puts, to the tune of 11.43mn and 13.83mn respectively

Outlook on Nifty:

Index is likely to open on a gap up note today and is likely to remain range bound during the day

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