Indian Markets eye RBI monetary policy - Nirmal Bang

Indian Markets maintained the positive momentum yesterday on account of optimism from the RBI monetary policy which is scheduled to be released today. The market is anticipating strong impetus from the RBI for the growth in the economy with 25-50 basis rate cut.

Nifty Future closed over a% in green at 6007 (up 78.40pts) adding OI to the tune of 2.36mn.

FIIs were net buyers in cash as well as in Index Future to the tune of Rs 662.6Cr & 1429.9Cr respectively.

India VIX increased by 7.81% to close at days high 16.28 touching an intra-day high of 16.70.

Additions in put OI build up at 6100 & 6000 level together with a decrease in OI of 5900 Call suggest limited downside for the Nifty Future. But the monetary policy outcome today is expected to provide further direction to the markets.

Highest OI build-up is seen at 6100 Call and 5800 strike Put, to the tune of 6.46 mn and 8.10 mn respectively.

Markets are likely to open on a positive note following the mix global cues and are likely to take further directions after the outcome of the RBI policy scheduled at 11am.

Source : Equity Bulls

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