MARKET ROUNDUP
The market boomeranged in trades, as bears struck twice. First, at the opening bell, media reports suggested that Daiichi plans to exit Sun Pharma. That, coupled with earnings disappointment by HCL Technologies saw the BSE index extended losses in the morning trade.
NSE Nifty plunged to a low of 8,353, and eventually settled with a loss of 70 points at 8,378. The India VIX (Volatility) index rose by 4.5 percent to 17.03.

F&O HIGHLIGHTS
Post a flat start, the Nifty failed to recover and remained under pressure for the fifth consecutive day. Apart from banking, all major sectors ended in the red, driving the index to end another 70 points lower. Nifty future premium increased and settled at 23 point. India VIX increased 4.49% to settle at 17.03
FIIs sold 17489 crore while DIIs bought 1365 crore in the cash segment. FIIs bought 319 crore in index futures and 490 crore in index options. In stock futures, they sold 1294 crore
The highest Put base stands at the 8300 strike with 45 lakh shares while the highest Call base is at the 9000 strike with 58 lakh shares. The 8400 and 8500 Calls saw additions of 12.7 and 13.5 lakh shares, respectively. The 8200 and 8300 Put strikes saw additions of 7.3 and 5.4 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 8400-8470.
Bank Nifty Future: The index has been consolidating in a broad range for the past couple of days. Looking at the option build-up, we feel that any close below 18000 would trigger further selling whereas 18500 looks intermediate hurdle.

STOCK ANALYSIS
OI addition : We saw long built up in Godrejind,Wipro,Sslt,M&m,Indiacem,while short built up was seen Sunpharma, Petnonet, Drreddy, Hindunilvr, Dlf.
OI Shedding : We saw short covering in Igl, Ucobank, Adanient, Suntv, Sbin,and long unwinding was seen in Maruti, Bpcl, Bataindia, Sksmicro, Gail.

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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