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Nifty may open on positive note led by strong global cues: ICICIdirect

Nifty is likely to open positive on the back of strong global cues. Buy Nifty in the range of 9410-9420 for targets of 9470-9490, stop loss: 9390, says ICICIdirect.

Nifty

Benchmark indices finally surpassed the higher band of the ongoing consolidation and ended above the higher band of 9400. Towards the end, the Nifty managed to gain 91 points. Nifty futures ended at a premium of 12 points. India VIX fell 1.5 percent, ending at 10.9.

FIIs bought Rs 893 crore while DIIs sold Rs 230 crore in the cash segment. FIIs sold Rs 395 crore in index futures and bought Rs 857 crore in index options. In stock futures, they bought Rs 383 crore.

The highest Put base is at the 9300 strike with 77 lakh shares while the highest Call base is at the 9500 strike with 65 lakh shares. The 9500 and 9600 Call strikes saw additions of 8.5 and 0.7 lakh shares, respectively, while the 9300 and 9400 Put strikes saw additions of 16.1 and 11.9 lakh shares, respectively.

Nifty Bank

After consolidating in a broader range, the index finally moved and ended well above 22800. As few PSU and midcap banks saw a muted performance. HDFC Bank along with Axis Bank stole the show. As FIIs have finally turned positive in the cash segment, the on going rally is likely to continue while the index is likely to test the highest Call base of 23000.

Nifty Future: The Nifty is likely to open positive on the back of strong global cues. Buy Nifty in the range of 9410-9420 for targets of 9470-9490, stop loss: 9390.

Nifty Bank Future: After consolidating in a broader range, the index finally moved and ended well above 22800. As few PSU and midcap banks saw a muted performance. HDFC Bank along with Axis Bank stole the show. As FIIs have finally turned positive in the cash segment, the on going rally is likely to continue while the index is likely to test the highest Call base of 23000. Buy Nifty Bank in the range of 22700-22750, targets: 22850-23000, stop loss: 22620.

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