Indian markets opened in negative territory on Tuesday but recovered sharply led by stock specific short covering as June F&O expiry nears. At 11:26 am, NSE 50-share Nifty was up 0.63 per cent at 4293.

Nifty June futures price gained 0.64 per cent and added 13.8 lakh shares in open interest. July futures price advanced 0.46 per cent and open interest added 14 lakh shares. Nifty June futures was at a premium of 10 points. However, July futures was at 12 points discount to the spot. This indicates rollover of short positions to the July contract.

Nifty call of strike 4300 added 1.77 lakh shares in open interest and 4400 added just about 10,900 shares. Put of 4300 on Nifty added 3 lakh shares in open interest and 4200 added 2.68 lakh shares. Options data signifies Nifty should face strong resistance at 4300 while support is seen at 4200 levels.

In stocks futures, Reliance Industries June jumped 2.55 per cent while shed 85,000 shares in open interest. Reliance Petroleum gained 0.95 per cent while open interest shed 63,000 shares. Ranbaxy climbed 2.86 per cent. The contract shed 4,800 shares in open interest.

Reliance Capital June price rose 1.87 per cent. Larsen & Toubro June fell 0.15 per cent. Reliance Communications advanced 1 per cent and it added 1.6 lakh shares in open interest. ICICI Bank contract price increased 1.4 per cent and added 3 lakh shares in open interest.

Renuka Sugars jumped 2.7 per cent. State Bank of India gained 2.7 per cent, Suzlon climbed 2.71 per cent and DLF advanced 1.4 per cent and NTPC June price increased 1.3 per cent on short covering.

Cairn India marginally gained 0.07 per cent and open interest added 2.93 lakh shares. HDFC June price added 1.37 per cent and HDIL rose 1.7 per cent while open interest shed 2,800 shares.

Asian stocks fell for the fourth day as steelmakers dropped after China agreed to a record price rise for iron ore. Crude oil was trading firm above $136 per barrel.