Indian stock market opened on a dismal note with Nifty starting the day 40 points lower taking leads from aggressive selling pressure seen in markets overseas. Soon after the opening bell the domestic indices followed suit, tumbling down. However after touching a new low of February series, Nifty took support below 2700 and witnessed good momentum buying in the last hour of the trading session. The index finally ended the session with 53 points down at 2736. Volume in Nifty futures was significantly higher than the average trading volume. Around 16.50 lakh shares were added in open interest with a decrease in the cost of carry, indicating short positions building up at all possible higher levels. On option front, implied volatility remained almost flat despite good intra-day moves indicating uncertainty in the coming days.
