Indian markets were volatile in early trade today, swinging from green to red and vice-versa. Equities had opened higher led by positive cues from Asian markets as financial companies gained on easing concerns of credit market losses.
At 10:35 am, Nifty was trading at 5116, up 0.09 per cent. After closing at premium for five consecutive days, Nifty May futures was trading flat at 5116 to the spot. The contract slipped 0.19 per cent but added 5.25 lakh shares in open interest. In trade so far, it touched a high of 5150 and low of 5101, a band of around 49 points.
Today, investors have built up positions in 5100 call and put on Nifty. However, 5200 call shed 6350 shares in open interest hinting at intraday resistance at 5100 levels. Nifty May put of 5000 and 4900 added just about 15,000 shares in open interest, while there was huge built up of open interest at 4800 levels. The broad range of 4800-5200 is cited on Nifty. In stocks futures, Reliance Industries May added 4650 shares in open interest while price slipped 1 per cent. ICICI Bank price dropped 1.6 per cent, while open interest added 1.32 lakh shares. Reliance Natural Resources shed 29.26 lakh shares in open interest and price fell 0.48 per cent. Reliance Energy was down 0.5 per cent ahead of its results today. Telecom shares were up led by Bharti Airtel, which gained 2 per cent. Reliance Communications jumped 2.5 per cent. However, Idea Cellular rose 1.5 per cent on short covering. Steel Authority gained 0.5 per cent on short covering. However, Tata Steel dropped 0.8 per cent.