MARKET ROUNDUP
Nifty made a smart bounce back after the release of economy survey report. Nifty rolls (80.5%) have been at a 18 month high. However, BankNifty has seen lower rolls as Q3 numbers disappoints.
We see Nifty establishing a firm trend post budget. Current range for Nifty seems to be between 8450-9050 as per the technical set-up as well as option OI build-up.

F&O HIGHLIGHTS
On the special trading day, the index remained extremely volatile on the back of Union Budget 2015. However, towards the end, it managed to end 57 points higher whereas the Bank Nifty outperformed and ended 3.79% higher. Nifty future premium increased and settled at 63 points. India VIX fell 13.70% and settled at 16.97.
FIIs bought 614 crore while DIIs sold 741 crore in the cash segment. FIIs bought 2225 crore in index futures and 1357 crore in index options. In stock futures, they sold 674 crore.
The highest Put base has shifted to the 8500 strike with 43 lakh shares while the highest Call base is at the 9000 strike with 58 lakh shares. The 9000 and 9100 Calls saw addition of 5.10 and 5.80 lakh shares, respectively. The 8800 and 8900 Put strikes saw additions of 8.80 and 5.80 lakh shares, respectively

INDEX OUTLOOK
Nifty Future: The Nifty is likely to open positive on the back of strong global cues. It is likely to trade in the range of 8930-9010.
Bank Nifty Future: The current price ratio of the Bank Nifty/Nifty took support around 2.16 and saw a bounce to 2.20. We feel the outperformance of banking stocks is likely to take the ratio towards 2.25 and 2.40 in coming days.

STOCK ANALYSIS
OI addition : We saw long built up in Axis bank, Bpcl, Tatamotors, Indusind bank while short built up was seen in Itc, Mothersumi, Adaniport, Hdfc
OI Shedding : We saw short cover in Biocon, Icicibank, Bharatforg, Irb infra and long unwinding was seen in Jswsteel, Adanipower, Tatacomm, Nhpc

OI Chart Analysis: From the OI Chart we can see that in March Series addition of open interest on the calls front is existent in the band at strike price of 9000-9200 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 8800-8500 indicating it as immediate support zone on the downside.

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