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Market Summary:

* Indian markets closed on a negative note where selling was mainly seen in Banking, Technology, Finance sectors. Nifty Feb Future closed at 17355.80 (down 261.85 points) at a discount of 18.95 pts to spot.

* FIIs were net buyers in Cash to the tune of 108.53 Cr and were net sellers in index futures to the tune of 1052.78 Cr.

* India VIX increased by 5.47% to close at 18.68 touching an intraday high of 19.53.

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 17300, 17400, 17500 strike Calls while liquidation was seen at 17200, 17000, 16800 strike Puts indicating neutral to bearish undertone in the market in near term.

* Highest OI build-up is seen at 17500 strike Call and 16500 strike Put, to the tune of 6.39mn and 9.60mn respectively.

Outlook on Nifty:

* Index is likely to open on a gap down note today and is likely to remain negative during the day.

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