See flat opening

Yesterday’s session was weak, decline seen on the Nifty as well as the Sensex, the midcaps underperformed a bit but what stood down was the Nifty Bank weigh down perhaps by the Nifty Bank weekly options.

Yesterday we were speaking about the 25,000 Put having the maximum of open interest (OI) as we went below that, we saw a further declines led by the index heavyweights, State Bank of India (SBI), ICICI Bank as well as HDFC Bank particularly in the last hour of trade.

The global cues are fairly mixed, the SGX Nifty indicates a slightly flat start but what stands out for our market is that the Nifty’s future premium saw a bit of a spurt, perhaps some sort of demand at the lower end and 10,000 mark becomes important because the 10,000 Put has the maximum open interest.

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