MARKET ROUNDUP
After opening on a strong note, markets were unable to hold on to their gains as sudden offloading in the banking, metal and infra shares dragged the indices in late trade. After consolidating in the positive zone for the major part of the trading day, the market turned volatile in the late noon deals
NSE Nifty moved in a range of near 100 points. The Nifty, from a high of 8,550, tumbled to a low of 8,454, and eventually settled at 8,491, down one point.

F&O HIGHLIGHTS
Post a gap up opening, follow up momentum continued yesterday for a major part of the day. However, towards the end, an aggressive sell-off was seen in a majority of stocks leading to a 100 point fall from day’s high. Nifty future premium fell and ended at 44 point. India VIX increased 1.61% to end at 14.49
FIIs bought 356 crore while DIIs bought 284 crore in the cash segment. FIIs bought 588 crore in index futures and 626 crore in index options. In stock futures, they bought 631 crore
The highest Put base stands at the 8300 strike with 31 lakh shares while the highest Call base is at the 9000 strike with 30 lakh shares. The 8700 and 8800 Calls saw additions of 1.40 and 4.85 lakh shares, respectively. The 8300 and 8500 Put strikes saw additions of 5.30 and 1.90 lakh shares, respectively.

INDEX OUTLOOK
Nifty Future: Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 8500-8590.
Bank Nifty Future: For the first time in the current series, the index saw fresh short additions with good writing in OTM Calls, clearly indicating choppiness is likely to remain, going forward, while 18700 is likely to act as a stiff hurdle.

STOCK ANALYSIS
OI addition : We saw long built up in Sun tv, Bpcl, Biocon, Hindpetro, Jswenergy while short built up was seen in Petronet, Upl, Divislab, Wockpharma,Orient bank
OI Shedding : We saw short cover in Drreddy, Tatapower, Recltd,Tatacomm, Tatamtrdvr and long unwinding was seen in Axis bank, Auropharma, Adanipower, Adaniports

OI Chart Analysis: From the OI Chart we can see that in April Series addition of open interest on the calls front is existent in the band at strike price of 8600-8500 indicating it as resistance on the upside whereas on the put options front we can see that addition of open interest is existent at strike price of 8400-8300 indicating it as immediate support zone on the downside.

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