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.

The markets opened on a negative note, after the short-lived rally yesterday and Nifty made a low of 5169 before closing at 5195, down by 0.92% for the day. The market breadth was extremely negative with 366 advances to 1144 declines and the FIIs were net sellers to the tune of 148 crores , while the DIIs were net buyers to the tune of  73 crores in the cash markets, but the FIIs were net buyers in Index and stock futures to the tune of 173 and 282 crores respectively.Nifty  April futures closed the day at 5247, a whooping 52 points premium to the spot, with a massive addition of open interest, which is quite obvious at the start of the new series. On the options side the PCR fell to 0.95. On the call side April Nifty 5400 call added the maximum open interest followed by the 5200 and 5300 calls on the put side April Nifty 5000 put added the maximum open interest followed by the 5200 and 5100 puts. On the call side there is a maximum buildup of open interest on 5600 call followed by the 5400 call on the put side there is maximum buildup on the 5000 put followed by the 5200 put. On the technical side Nifty has breached the crucial level of 5190 and somehow managed to close above it, the indicators are still in a sell mode, but the monthly expiry may lead to short technical bounce-back. Going forward the levels to watch out for Nifty tomorrow, will be 5230,5266 on the upside and 5132, 5096 on the downside. The European markets ended in the red mainly on the back of worse than expected U.K's GDP numbers, while the U.S. markets are trading in the red on the back of below the expectations, durable goods data and rise in crude oil inventories.