Indian markets snap 7 day losing streak on Tuesday - Nirmal Bang

Indian markets manage to snap seven days losing streak (though marginally) on Tuesday. But political uncertainty on domestic front continues to weigh on the markets.

Overseas, Dow closed in red at 14,526.16 (down 33.49 pts). The European markets also closed in red with FTSE, CAC & DAX up 0.18%, 1% & 1.16% respectively.

FIIs were net buyers in cash to the tune of Rs 538.3 Cr whereas in Index Futures they sold to the tune 385.1 Cr respectively.

India VIX decreased by 3.42% to close at days high 15.80 touching an intra-day high of 16.82.

Nifty Future is not expected to expire below 5600 level on the final day of March expiry. Highest put OI build up at 5600 level is expected to provide firm support to the markets.

Highest OI build-up is seen at 6000 Call and 5600 strike Put, to the tune of 11.58 mn and 12.87 mn respectively.

On the day of march series expiry today, markets are likely to open in negative on account of negative global cues, and can remain very volatile in later part of day.

Source : Equity Bulls

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