Indian Markets gained more than 1% - Nirmal Bang

The Indian markets gained more than 1% yesterday. The markets remain almost flat till late noon trade but suddenly gather momentum on account of heavy buying interest in Banking stocks. Bargain hunting & the short covering are the main reason behind yesterday's rally.

The Nifty Future closed up at 6,052.40 (up 81.55 pts) adding OI to the tune of 0.88 mn.

FIIs were net sellers in cash to the tune of 178.3 Cr whereas they bought in Index Futures to the tune of 30 Cr.

India VIX decreased by 5.63% to close at 18.27 touching an intra-day high of 19.40.

Addition in put OI build up at 5900, 6000 as well as at 6100 level suggest strong bullish undertone in the markets. Shifting of call OI buildup to 6100 level from 6000 also confirm the northward movement in the Nifty Future.

Highest OI build-up is seen at 6000 Call and 5800 strike Put, to the tune of 8.31 and 10.89 mn respectively.

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

Source : Equity Bulls

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