Reliance leads from front - Nirmal Bang

Indian Markets gained more than 1.50% in a pullback rally yesterday. Consumer and Oil & Gas stocks were the leading gainers on Monday lead by the RIL. The Reliance Industries gained around 5% on account of company's declaration of a significant gas and condensate discovery in the KG D6 block.

Nifty Future closed up 98.05 pts yesterday at 6,083.45 adding OI to the tune of 0.40 mn.

FIIs were net buyers in cash as well as in index future to the tune of 406Cr and 166.7mn respectively.

India VIX decreased by 3.78% to close at 17.03 touching an intra-day high of 17.97.

Very significant addition in put OI at 6000 as well as 6100 put suggest very strong bullish undertone in the markets. But highest call OI build up at 6100 level will act as a immediate and strong resistance for the Nifty Future.

Highest OI build-up is seen at 6100 Call and 6000 strike Put, to the tune of 10.61 mn and 11.20 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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