Indian Markets experienced bloodbath on heavy selling pressure - Nirmal Bang

Indian Markets experienced the bloodbath yesterday on account of negative global cues. Heavy selling pressure was observed in the global equity markets lead by Japan’s Nikkei. The Nikkei ended down more than 7% on Thursday. Negative economic data from China & US is the major reason for the downfall.

Nifty Future closed marginally over 2 percent in red at 5966.10 (down 137.95pts) yesterday at adding OI to the tune of 0.77mn.

FIIs were net buyers in cash to the tune of 540.2Cr whereas they sold Index Futures worth 495.4Cr respectively.

India VIX increased by 5.69% to close at 18.73 touching an intra-day high of 19.33.

Highest addition in call OI to the tune of 3.39mn once again suggest bearish undertone in the markets. Shifting of put OI build from 6000, 6100 to 5800 level indicates immediate support for the Nifty Future at 5900 level.

Highest OI build-up is seen at 6100 Call and 5900 strike Put, to the tune of 8.66 mn and 9.73 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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