Index is likely to open on a negative note today and is likely to remain range-bound during the day - Nirmal Bang
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Market Summary:
* Indian markets closed on a flat note where buying was mainly seen in Pharma, Metals, Realty sectors. Nifty Sep Future closed at 17682.90 (down 27.05 points) at a premium of 27.35 pts to spot.
* FIIs were net sellers in Cash to the tune of 1144.53 Cr and were net sellers in index futures to the tune of 1144.53 Cr.
* India VIX decreased by 0.69% to close at 19.53 touching an intraday high of 20.00.
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 17500, 17400, 17000 strike Puts and at 17700, 17800, 17900, 18000 strike Calls indicating that the index is likely to remain range-bound during in the near term.
* Highest OI build-up is seen at 18000 strike Calls and 17000 strike Puts, to the tune of 11.73mn and 14.28mn respectively.
Outlook on Nifty:
* Index is likely to open on a negative note today and is likely to remain range-bound during the day.
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