Indian Markets likely to open marginally positive - Nirmal Bang

After a gap down opening, Indian markets traded in negative territory throughout the day yesterday on account of negative global cues. Global equity markets were jolted by news that the depositors in Cyprus have been asked to contribute to a financial-rescue plan during the eurozone debt crisis.

Overseas, Dow nearly half a percent lower at 14,452.06 (down 62.05pts). The European markets also closed lower with FTSE, CAC & DAX up 0.49%, 0.49% & 0.40% respectively.

FIIs were net buyers in cash to the tune of 506Cr whereas they sold index Futures worth 699.3 Cr respectively.

India VIX increased by 4.55% to close at 15.85 touching an intra-day high of 16.59.

Addition in call OI at 6000 & 5900 level suggest marginal bearishness in the markets. The Nifty Future will take firm directional move on the basis of monetary policy review by the RBI which is due today.

Highest OI build-up is seen at 6000 Call and 5700 strike Put, to the tune of 10.27 mn and 13.91 mn respectively.

Markets are likely to open marginally positive following the mix global cues and are likely to remain range bound ahead of RBI policy outcome during the day.

Source : Equity Bulls

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