Index is likely to open on a negative today and is likely to remain bearish during the day - Nirmal Bang
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/03/0a799025f43f468d74597c1c83a80785.jpg)
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Market Summary:
* Indian markets closed on a negative note where selling was mainly seen in Automobile, Metals, Banking sectors. Nifty March Future closed at 16258.90 (down 246.65 points) at a premium of 13.70 pts to spot.
* FIIs were net sellers in Cash to the tune of 7631.02 Cr and were net sellers in index futures to the tune of 550.43 Cr.
* India VIX decreased by 0.70% to close at 27.96 touching an intraday high of 29.93
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 16200, 16300 strike Calls while liquidation was seen in 16100, 16000, 15900 strike Puts indicating market is likely to remain bearish in the near term.
* Highest OI build-up is seen at 16500 strike Calls and 16000 strike Puts, to the tune of 5.41mn and 8.11mn respectively.
Outlook on Nifty:
* Index is likely to open on a negative today and is likely to remain bearish during the day.
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