Indian Markets gain more than 2% - Nirmal Bang

Indian markets have reported a smart rally today to gain more than 2%. Better than expected March inflation improved the optimism for the monetary easing by the RBI. Together with this probability of lower current account deficit helped markets to move upward today.

Overseas, Dow closed over a percent positive at 14,756.78 (up 157.58pts). The European markets closed lower with FTSE, CAC & DAX down 0.62%, 0.67% & 0.39% respectively.

FIIs were net buyers in cash as well as in Index Future to the tune of Rs 591.8Cr & 1265Cr respectively.

India VIX decreased by 2.16% to close at days high 16.25 touching an intra-day high of 16.77.

Heavy additions in put OI build up at 5600 as well as at 5700 level suggest strong bullish undertone in the markets. The upward movement for the Nifty Future is also indicated by shifting of call OI build up from 5600 to 5900.

Highest OI build-up is seen at 5700 Call and 5500 strike Put, to the tune of 10.12 mn and 12.51 mn respectively.

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

Source : Equity Bulls

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