Indian Markets to remain range bound during the day - Nirmal Bang

Indian markets ended down around 0.70% on Friday on account of negative global cues. Maruti Suzuki has reported better than expected Q4 result with 80% YoY increase to Rs 1,148 crore. The stock touched new 52-week high.

Overseas, Dow closed marginally positive at 14,712.55 (up 11.75pts). The European markets closed negative with FTSE, CAC & DAX down 0.25%, 0.80% & 0.23% respectively.

FIIs were net buyers in cash as well as in Index Future to the tune of Rs 224.8Cr & 290.2Cr respectively.

India VIX decreased by 2.25% to close at days high 13.88 touching an intra-day high of 14.43.

Additions in put OI build up at 5700 & 5800 level together with highest put OI build up at that level suggest strong support for the Nifty Future. But the monetary policy outcome on May 3rd is expected to provide further direction to the markets.

Highest OI build-up is seen at 5900 Call and 5700 strike Put, to the tune of 5.23 mn and 5.92 mn respectively.

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

Source : Equity Bulls

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