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Market Summary:

* Indian markets closed on a negative note where selling was mainly seen in Banking, Automobile, Finance sectors. Nifty Feb Future closed at 17218.30 (down 311.35 points) at a premium of 4.70 pts to spot.

* FIIs were net sellers in Cash to the tune of 1157.23 Cr and were net buyers in index futures to the tune of 1828.81 Cr.

* India VIX increased by 8.14% to close at 20.44 touching an intraday high of 21.08

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 17200, 17300, 17400, 17500 strike Calls and at 17000, 16900, 16800 strike Puts indicating market is likely to remain under selling pressure in the near term.

* Highest OI build-up is seen at 17500 strike Call and 16500 strike Put, to the tune of 9.82mn and 9.62mn 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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