Indian Market touches lowest level since November 21, 2012 - Nirmal Bang

The market has touched the lowest level since November 21 last year as it shed more than 3.50% in the last week.

Overseas, Dow closed in red at 14,565.25 (down 40.86pts). The European markets also closed in red with FTSE, CAC & DAX down 1.51%, 1.71% & 2.07% respectively.

FIIs were net sellers in cash as well as in Index Future to the tune of Rs 203.2Cr & 1106Cr respectively.

India VIX increased by 1.96% to close at days high 16.16 touching an intra-day high of 16.45.

Significant addition in call OI build up at lower strikes such as 5600, 5700 & 5500 indicates very bearish sentiments in the markets. But the downside for the Nifty Future is expected to be limited from the current levels with highest put OI build up at 5600 level.

Highest OI build-up is seen at 5800 Call and 5600 strike Put, to the tune of 9.48 mn and 7.62 mn respectively.

Markets are likely to open on a negative note following the mix global cues and are likely to remain range bound during the day.

Source : Equity Bulls

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