MARKET ROUNDUP
Yet again Nifty found it difficult to sustain at higher levels. The signs of distribution were clearly visible since start of the week. Infact it is consistently facing supply pressure around 8,850 since March.
But, it is too early to conclude that the momentum is tapering off after this week’s close below 50-DMA. However, index is still in an long-term uptrend as it continues to hold above the support of 8,550.

F&O HIGHLIGHTS
Post a flat start, the follow-up selling continued throughout the day which pushed index to close 100 points lower. Nifty future premium increased and settled at 33 point. India VIX increased 0.6% to settle at 15.04
FIIs sold 676 crore while DIIs bought 73 crore in the cash segment. FIIs bought 409 crore in index futures and 494 crore in index options. In stock futures, they sold 893 crore
The highest Put base stands at the 8500 strike with 49 lakh shares while the highest Call base is at the 9000 strike with 56 lakh shares. The 8700 and 8800 Calls saw additions of 13.1 and 7.9 lakh shares, respectively. The 8500 and 8600 Put strikes saw additions of 5.3 and 1.9 lakh shares, respectively

INDEX OUTLOOK
Nifty Future: Nifty is likely to open flat to negative on the back of mixed global cues. It is likely to trade in the range of 8620-8700.
Bank Nifty Future: The index has finally managed to close below the intermediate support of 18500 levels with a fresh short addition of 3% indicating choppiness to continue in coming days.

STOCK ANALYSIS
OI addition : We saw long built up in Igl, Ntpc, Federalbnk, Sslt, Jswsteel, while short built up was seen in Upl, Mindtree, Tcs, lichsgfin,Gail.
 OI Shedding : We saw short covering in Mothersumi, Hindalco, Bankindia, Ifci, Syndibank, and long unwinding was seen in Bharatforge,Haxaware,Indiacem,Siemens,Nhpc.

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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