Indian Markets fell for fourth consecutive day - Nirmal Bang

Indian markets fell for the fourth consecutive day yesterday as concerns of policy reforms and slow economy continue to weigh on markets. Nifty Futures closed over half a percent in red at 5715 (down 36pts) deleting OI to the 0.53mn which currently stands at 18.29mn.

Overseas, Dow closed marginally in green at 14,511.73 (up 55.91pts). The European markets closed mix with FTSE down 0.13% and CAC & DAX up 1.41% & 0.68% respectively.

FIIs were net sellers in cash as well as Index Futures to the tune of 236.7Cr and 362.4Cr respectively.

India VIX decreased marginally by 0.30% to close at 16.66 touching an intra-day high of 17.44.

Addition in call OI at 5700 and 5800 level suggest strong bearish undertone in the markets. Marginal additions at 5600 put yesterday and highest put OI build up at 5700 can provide immediate support for the Nifty Future and hence, markets can see a small up move up to 5780 levels.

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 higher following the mix global cues and are likely to remain range bound during the day.

Source : Equity Bulls

Keywords