Indian Markets continued to remain under pressure on Tuesday - Nirmal Bang

The Indian Markets continued to remain under pressure. Yesterday the Nifty Future touched a low of 5200 but it managed to pair almost all of its losses to close above 5400. The sharp recovery in rupee from its all time low of 64.11 and short covering helped markets to come off from the day's low point.

FIIs were net sellers in cash as well as in the Index Future to the tune of 1424.3 Cr & 159.4 Cr respectively.

India VIX has reported an increase of 6.41% to close at 27.23 touching an intra-day high of 27.35

The downfall in the Nifty Future is expected to be limited from the current level of 5400. The highest put OI build to the tune of 9.87 mn is expected to provide firm support to the markets for next few days.

Highest OI build-up is seen at 5700 Call and 5300 strike Put, to the tune of 8.82 and 9.87 mn respectively.

Markets are likely to open on a flat note following the lack of firm global cues and can bounce back later during the day mainly due to short covering.

Source : Equity Bulls

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