Indian Markets succumb to panic selling on Friday - IIFL

Markets succumbed to panic selling on Friday as INR hit a new low leading to massive unwinding pressure in the broader markets. The trading range of 5,500-5,700 was violated on downside. From current levels, every rally is likely to be met with distribution at higher levels. Any move below 5,450 i.e. monthly trendline support could aggravate selling pressure in the near term.

Sensex August future which added 690cont in open interest has seen fresh addition of short position.

On option front, BSE100 August 5,900 strike call which added 9250cont in open interest in has seen writing in yesterday trade, while put unwinding was seen at BSE100 August 5,600 which shed 15100cont in open interest.

Source : Equity Bulls

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