Indian Markets expected to open half a percent in red - Nirmal Bang

Indian markets started the week on a weaker note despite of a higher opening on the treat that samajwadi party may pull out its support from the UPA government. Nifty Future closed at 5645.05 (down 23.35pts) adding fresh OI to the tune of 2.65mn.

Overseas, Dow closed half a percent in red at 14,447.75 (down 64.28pts). The European markets also closed negative with FTSE, CAC & DAX down 0.23%, 1.13% & 0.51% respectively.

FIIs were net buyers in cash as well as Index Futures to the tune of 717.9Cr and 198Cr respectively.

India VIX decreased by 5.28% to close at days high 16.36 touching an intra-day low of 14.95.

Addition in call OI at 5700 and 5800 level suggest bearish undertone in the markets. Good put OI build up at 5700 and 5600 can provide immediate support for the Nifty Future.

Highest OI build-up is seen at 6000 Call and 5700 strike Put, to the tune of 11.94 mn and 11.56 mn respectively.

Markets are likely to open half a percent in red following the mix global cues and are likely to remain choppy during the day.

Source : Equity Bulls

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