Index is likely to open on a negative note today and is likely to remain under selling pressure during the day - Nirmal Bang
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/05/515064989648c286f41cefff28d51d92.jpg)
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Market Summary:
Indian markets closed on a flat note where selling was mainly seen in Banking, Finance, Technology sectors. Nifty May Future closed at 16419.40 (down 274.90 points) at a premium of 8.15 pts to spot.
FIIs were net sellers in Cash to the tune of 5517.08 Cr and were net sellers in index futures to the tune of 2490.26 Cr.
India VIX increased by 4.71% to close at 21.25 touching an intraday high of 21.81.
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 16600, 16500, 16400, 16300 strike Calls while liquidation was seen in 16300, 16400, 16500, 16600 strike Puts indicating market is likely to remain range-bound in near term.
Highest OI build-up is seen at 17000 strike Calls and 16500 strike Puts, to the tune of 10.14mn and 10.01mn respectively.
Outlook on Nifty:
Index is likely to open on a negative note today and is likely to remain under selling pressure during the day
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