Index is likely to open on a positive 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 negative note where selling was mainly seen in Banking, Automobile, Finance sectors. Nifty Nov Future closed at 18192.20 (down 163.70 points) at a premium of 32.25 pts to spot.
* FIIs were net sellers in Cash to the tune of 1593.83 Cr and were net sellers in index futures to the tune of 761.05 Cr.
* India VIX increased by 2.83% to close at 14.39 touching an intraday high of 15.55.
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 18200, 18300, 18400, 18500 strike Calls and at 18100, 18000, 17900 strike Puts indicating that the market is likely to remain range-bound in the near term.
* Highest OI build-up is seen at 18300 strike Calls and 18000 strike Puts, to the tune of 13.74mn and 11.32mn respectively.
Outlook on Nifty:
* Index is likely to open on a positive note today and is likely to remain range-bound during the day.
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