MTECHTIPS

MTECHTIPS:-Market Snapshot:

Nifty futures closed positive at 5005.60 levels. Nifty future saw increase in open interest by 9.36% with a fall in price by 2.35%. Market opened flat to negative and struggled to hold 5120 levels, but in the  absence of follow up buying and emerging profit booking hit the market below 5000 levels. Nifty future wiped out entire gain of Monday and closed near day’s low levels. Now if Nifty future sustains below 5000 levels (where Maximum Put OI is still intact in May series) then unwinding in 5000 Put may take market to  4950-4900 levels. Market witnessed selling pressure across the board especially in Capital Goods, IT, Banking, Power, FMCG, Auto, Metal, Realty, Capital Goods, Health Care and Oil. & Gas sector stocks.