The markets opened with a gap down, and Nifty made a low of 5136, before closing at 5178, down by 0.31% for the day. The markets traded in the lower range, for the entire day, except in the last half an hour, when the markets witnessed some hectic activity and inched higher towards the close of  the session. The market breadth was negative for the entire day with 835 advances to 643 declines, while the FIIs were net sellers to the tune of 1332 crores and DIIs were net buyers to the tune of 299 crores in the cash market, in the futures market the FIIs were net sellers of index futures to the tune of 540 crores and net buyers of stock futures to the tune of 681 crores. Nifty April futures closed at 5232, 54 points premium to the spot, with a considerable addition of open interest. On the options side , PCR marginally increased to 0.99. On the call side 5400 call added the maximum open interest, followed by the 5200 and 5100 calls, while on the put side 5000 put added the maximum open interest followed by the 5200 put. As far as maximum open interest build up is concerned, on the call side it is 5400 followed by the 5600 & 5500 calls, on the put side it is 5000 followed by 5200 & 5100 puts. This entire activity on the futures and options side indicates shorts building up in the system, mainly because the mood has turned extremely negative, with the market perception that the government will hardly be able to do anything on the policy front, because everyday a new scam props up, pushing the government from a proactive mode to a defensive mode, which compels the investors to move away from the riskier assets. On the technical side , all the indicators are still in sell mode and with Nifty closing below the crucial level of 5193, more shorts will build up and may take the markets to new lows. Going forward the levels to watch put for Nifty tomorrow will be 5203, 5228 and 5249 on the upside and 5144, 5110 & 5085 on the downside. The European markets ended deep in the red on the back of worse than expected economic data and the U.S. markets are trading in the red on the back of mixed economic and corporate data.