Indian Markets witness smart rally - Nirmal Bang

Indian markets has reported smart rally on Wednesday on account of heavy buying by the FIIs. Improved optimism regarding rate cut by the RBI is one of the reason for yesterday's rally.

Nifty Future closed up 2.52% yesterday at 6161.50 (up 155.50 pts) adding OI to the tune of 2.79 mn.

FIIs were net buyers in cash as well as in index future to the tune of 1647 Cr & 246.1 Cr respectively.

India VIX increased by 5.59% to close at 18.13 touching an intra-day high of 18.13.

Additions in put OI at 6100, 6200 and even at 6300 suggest strong bullish undertone in the markets but the PCR OI at 1.25 suggest limited upside for the markets from the current level.

Highest OI build-up is seen at 6300 Call and 5900 strike Put, to the tune of 8.30 mn and 10.30mn 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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