Indian Markets gain more than 2% on last day of August Series - Nirmal Bang

The Indian Markets gained more than 2% on last day of August series expiry today. The pullback rally observed on derivative expiry day was mainly on account of short covering. The strength in Indian Rupee also provided positive impetus to the markets.

FIIs were net sellers in cash to the tune of 248.2 Cr whereas they bought in index Future to the tune of 574.9 Cr.

India VIX has decreased further by 9.17% to close at 29.41 touching an intra-day high of 32.38.

The markets are expected to sustain the recent gains as suggested by the addition in put OI build up at 5300 & 5400 level.

The September Nifty Future is expected to trade in a broad range of 5300-5600.

Highest OI build-up is seen at 5700 Call and 5300 strike Put, to the tune of 2.99 and 4.84mn respectively.

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

Source : Equity Bulls

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