| The open interest in Nifty March futures contracts declined steeply by 11.4 per cent or 43.84 lakh shares as bears apparently became defensive ahead of the Fed meet. |
| The markets were volatile throughout the day. They opened in the red, but soon gained upward momentum. The afternoon session saw the indices gaining strength and advancing further. |
| The day's gains were, however, pared in the final hour, with the Sensex closing at 14,833 (up 24 points) and the Nifty ending at 4,533 (up 30 points). |
| The Sensex on Tuesday tested the short-term support of 14,700 and bounced backed to trade above the 15,000 level during most part of the day. |
| A technical analyst at JM Financial Services reckons the market has now come to a stage where the risk/reward is in favour of investing and therefore advises the market participants to go long through the mutual funds route. |
| Elliot wave studies suggest that 14,700 (+/- 200 points) is the epicenter around which the Sensex would form a bottom. The next couple of days should provide further confirmation of the same. |
| The Nifty PCR open interest remained unchanged at 0.84 as Put and Call options added OI of 10 lakh shares each. |
| Profit booking in Put options was seen at 4,350 and 4,600 strike prices, while fresh Put writing took place at 4,400 and 4,250 levels. The Call options traders wrote Calls at 4,700 and 4,800 strikes, indicating these levels as short term resistances. |
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