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Market Summary:

* Indian markets closed on a negative note where selling was mainly seen in Banking, Finance, Automobile sectors. Nifty March Future closed at 14578.40 (down 522.10 points) at a premium of 49.30 pts to spot

* FIIs were net sellers in Cash to the tune of 8295.17 Cr and were net sellers in index futures to the tune of 3806.36 Cr

* India VIX increased by 22.93% to close at 28.14 touching an intraday high of 29.65

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 14700, 14600, 14500, 14300 strike Puts and at 14500, 14600, 14700, 14800, 15000 strike Calls indicating bearish undertone in the market in the near term.

* Highest OI build-up is seen at 15000 strike Call and 14000 strike Put, to the tune of 5.28mn and 4.90mn respectively.

Outlook on Nifty:

* Index is likely to open gap up today and is likely to witness bounce back from support levels during the day.

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