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Summary

* Indian markets closed on a negative note where selling was mainly seen in Banking, Finance, Metals sectors. Nifty Mar Future closed at 17028.90 (down 149.25 points) at a premium of 40.50 pts to spot.

* FIIs were net sellers in Cash to the tune of 2546 Cr and were net sellers in index futures to the tune of 1996.14 Cr.

* India VIX increased by 8.40% to close at 16.00 touching an intraday high of 17.22.

Open Interest in Nifty Options:

* The above second chart shows previous trading day’s change in Nifty options where Addition in OI were seen at 17200, 17100, 17000 strike Calls and at 16900, 16800 strike Puts indicating that the index is likely to remain range-bound in the near term.

* Highest OI build-up is seen at 17500 strike Calls and 17000 strike Puts, to the tune of 10.04mn and 13.94mn respectively.

Outlook on Nifty:

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

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