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Market Summary:

Indian markets closed on a negative note where selling was mainly seen in Banking, Metals, FMCG sectors. Nifty May Future closed at 16298.80 (down 120.55 points) at a discount of 3.00 pts to spot.

FIIs were net sellers in Cash to the tune of 3361.80 Cr and were net sellers in index futures to the tune of 686.98 Cr.

India VIX increased by 3.68% to close at 22.03 touching an intraday high of 22.52.

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 16200, 16300, 16400, 16500 strike Calls and at 16300, 16200, 16100, 16000 strike Puts indicating market is likely to remain negative in near term.

Highest OI build-up is seen at 17000 strike Calls and 16000 strike Puts, to the tune of 13.32mn and 12.85mn 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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