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Market Summary:

* Indian markets closed on a negative note where selling was mainly seen in Banking, Automobile, Metals sectors. Nifty June Future closed at 16604.60 (down 20.35 points) at a premium of 20.35 pts to spot.

* FIIs were net sellers in Cash to the tune of 3770.51 Cr and were net buyers in index futures to the tune of 187.20 Cr.

* India VIX decreased by 1.69% to close at 19.98 touching an intraday high of 20.32.

Open Interest in Nifty Options:

* The above second chart shows previous trading day’s change in Nifty options where Liquidation in OI were seen in 16600, 16500, 16400 strike Puts and at 16700, 16800, 17000 strike Calls indicating bearish undertone in the market in the near term.

* Highest OI build-up is seen at 17000 strike Calls and 16000 strike Puts, to the tune of 8.16mn and 8.90mn 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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