Markets could open lower:: HDFC Sec

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Markets corrected marginally on Monday after the rally seen last Friday. There was unwinding of long positions as Nifty Fut OI decreased by 28,244 contracts and the premium on Nifty Jan Fut narrowed to 44.45pts from 62.95pts in the previous session. Total OI rose by 1.88%.

Nifty IV dipped to 13.2% from 13.52% while the Nifty OI PCR declined to 1.08 from 1.11 in the previous session. In the index option segment, maximum OI is now seen in the 8400-8600 calls and 8000-8200 puts indicating this is the trading range expectation.

In the stock fut segment, there was a build up of longs in Ashok Leyland, Apollo tyre, Maruti and SKS Micro. Shorts were built in IRB, Idea Cellular, Shriram transport and DLF. Technically, the Nifty seems to have taken a breather after the rally seen last Friday. While the underlying trend remains up, short term weakness could emerge if the supports of 8364 are broken.