PAUSE

The markets opened on a negative note and both the indices touched their intraday lows, within first one and a half hours of the trading session, but just when everything seemed to be moving towards the worst, the markets consolidated and made a smart pullback within the next half an hour of the trade and continued the positive momentum for the rest of the day, with both Nifty and Sensex closing, up by 22 and 111 points respectively for the day. TCS was the star performer of the day, followed Wipro, SAIL and Tata Power. On the institutional side, the FIIs were net sellers to the tune of 861 crores and DIIs were net buyers to the tune of 419 crores in the cash market. On the derivatives side FIIs sold Index futures worth 33 crores and brought stock futures worth 139 crores.

Nifty futures closed at 5224, with just 1 point premium to the spot, along-with a considerable loss of open interest. On the options side PCR decreased to 1.02, along-with a massive fall in the India VIX by 10.76%. On the Call options side, with a exception of the 5200 and 5300 calls , there was considerable shedding of open interest from 5000 to 5600 calls. On the Put options side, with a exception of the 5000 put there was shedding of open interest from 5100 to 5600 puts. Today's activity in the F&O space indicates, rollover of positions to the May series, along with some long build up at the lower levels, which indicates some level of support at these levels. The smart recovery in the markets along with the fall in the volatility, augurs well for the market. Going forward the levels to watch out for Nifty will be 5250, 5266 & 5283 on the upside and 5176, 5150 on the downside. 

On the international market front the European markets have closed in the green and the U.S. markets are trading flat on the back mixed housing and manufacturing data. The rupee depreciated further and the USD-INR futures closed at 52.77.The Brent and the WTI crude are trading flat at 117.93 and 103.25 $/bbl respectively.