MARKET ROUNDUP
Market started the day on an optimistic note following ratings upgrade by Moody's. The Sensex opened with a positive gap of 151 points at 28,858, and soon spurted to a high of 28,875. Moody's today affirmed India's sovereign rating at BAA3.
The NSE Nifty moved in a range of 103 points, the index from a low of 8,682 rallied to a high of 8,785, and eventually settled at 8,778 - up 64 points.

F&O HIGHLIGHTS
Post a flat start, the Nifty had a roller coaster ride throughout the day due to high intraday volatility. It finally ended the session adding another 65 points. Nifty future premium declined and settled at 33 point. India VIX increased 0.50% to settle at 14.41
FIIs bought 194 crore while DIIs bought 493 crore in the cash segment. FIIs bought 248 crore in index futures and 794 crore in index options. In stock futures, they sold 261 crore
The highest Put base stands at the 8500 strike with 48 lakh shares while the highest Call base is at the 9000 strike with 46 lakh shares. The 8900 and 9000 Calls saw additions of 1.3 and 3.1 lakh shares, respectively. The 8700 and 8600 Put strikes saw addition of 3.35 and 1.3 lakh shares, respectively.

INDEX OUTLOOK
Nifty Future: Nifty is likely to open flat on the back of mixed Asian cues. It is likely to trade in the range of 8780-8860.
Bank Nifty Future: Short positions were formed in the past couple of days. However, we saw aggressive short covering yesterday backed by the outperformance of the index vs. the Nifty indicating the bounce will continue towards the sizeable open interest Call base of 19000 strikes.

STOCK ANALYSIS
OI addition : We saw long built up in Colpal,Indiacem,Jswenergy,Unionbank,while short built up was seen in Federalbnk,Havells.Srtransfin.Upl .
OI Shedding : We saw short covering in Hdfcbank,Tatasteel,Idbi,Bankindia and long unwinding was seen in Star.

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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