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Market Summary:

* Indian markets closed on a positive note where buying was mainly seen in Metals, Chemicals, IT sectors. Nifty May Future closed at 16254.9 (up 412.35 points) at a discount of 4.65 pts to spot.

* FIIs were net sellers in Cash to the tune of 2192 Cr and were net buyers in index futures to the tune of 980.46 Cr.

* India VIX decreased by 7.27% to close at 22.74 touching an intraday high of 24.84.

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, 16100, 16000 strike Puts while liquidation was seen at 16100, 16000, 15900 strike Puts indicating market is likely to remain range bound in the near term.

* Highest OI build-up is seen at 16500 strike Calls and 16000 strike Puts, to the tune of 8.74mn and 13.27mn respectively.

Outlook on Nifty:

* Index is likely to open on a flat note today and is likely to remain range bound during the day

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