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Market Summary:

* Indian markets closed on a negative note where selling was mainly seen in Banking, Metals, Finance sectors. Nifty Feb Future closed at 16837.80 (down 517.95 points) at a discount of 4.95 pts to spot.

* FIIs were net sellers in Cash to the tune of 4253.70 Cr and were net sellers in index futures to the tune of 252.77 Cr.

* India VIX increased by 23.00% to close at 22.98 touching an intraday high of 23.54

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 16900, 17000, 17100, 17200 strike Calls and at 16800, 16700, 16600 strike Puts indicating bearish undertone in the market in the near term.

* Highest OI build-up is seen at 17500 strike Call and 16500 strike Put, to the tune of 10.73mn and 9.84mn 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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