MARKET ROUNDUP
Indian equity market staged a dramatic recovery in the last one-hour of trade as index heavyweights like HUL, ACC, L&T and Axis Bank lead recovery. Market ended on a positive note for the first time in the last six trading sessions on the back of bargain hunting at lower levels.
The NSE Nifty tanked below the crucial 8,300-level to touch a low of 8,285, but shot back smartly to end with a subtle gain of 52 points at 8,430.

F&O HIGHLIGHTS
Post a flat start, the follow-up selling continued leading the index to trade 100 points lower. However, participants respected the highest Put base of 8300 from where a U-shaped recovery was seen. With the swing of over 170 points the Nifty finally ended 53 points higher. Nifty future premium increased and settled at 32 point. India VIX increased 1.05% to settle at 17.21.
FIIs sold 910 crore while DIIs bought 218 crore in the cash segment. FIIs bought 35 crore in index futures and sold 186 crore in index options. In stock futures, they bought 60 crore.
The highest Put base stands at the 8200 strike with 44 lakh shares while the highest Call base is at the 9000 strike with 55 lakh shares. The 8400 and 8300 Calls saw additions of 5.0 and 7.6 lakh shares, respectively. The 8000 and 8100 Put strikes saw additions of 6.2 and 2.6 lakh shares, respectively.

INDEX OUTLOOK
Nifty Future: Nifty is likely to open flat to positive on the back of positive global cues. It is likely to trade in the range of 8360-8420.
Bank Nifty Future: The index has found support near 18000 and witnessed a bounce from these levels. Hence, one should trade positive till the Bank Nifty holds above 18000.

STOCK ANALYSIS
OI addition : We saw long built up in Century textile, Glenmark, Bpcl, Biocon,while short built up was seen in Irb, Mrf, canara bank, Dabur, Ongc.
OI Shedding : We saw short covering in Heromoto corp, Allahabad bank, tata chem., acc and long unwinding was seen in Dish Tv, India cement, Idbi, Sail.

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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