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Nifty to open flat on back of mixed global cues: ICICIdirect

Nifty is likely to open flat on the back of mixed global cues. Sell Nifty in range of 9475-9485 for targets of 9425-9405, stop loss: 9505, says ICICIdirect.

Nifty

Post a negative start, the Nifty remained under pressure throughout the day on the back of aggressive profit booking and selling in cash market. Towards the end, the index ended 96 points lower. Nifty futures ended at a premium of 12 points. India VIX rose 0.7 percent, ending at 10.6.

FIIs sold Rs 361 crore while DIIs bought Rs 898 crore in the cash segment. FIIs sold Rs 141 crore in index futures and bought Rs 2685 crore in index options. In stock futures, they sold Rs 1124 crore.

The highest Put base is at the 9300 strike with 68 lakh shares while the highest Call base is at the 9500 strike with 62 lakh shares. The 9400 and 9500 Call strikes saw additions of 6.2 and 9.4 lakh shares, respectively, while the 9500 and 9400 Put strikes saw additions of 19.2 and 13.6 lakh shares, respectively.

Nifty Bank

The index witnessed a round of profit booking where private sector and PSU major saw some retracement. However, the overall activity in 22500 and 22600 Puts remains intact indicating major support. Follow-up selling can be seen but we feel 22500 remains a major support area.

Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Sell Nifty in range of 9475-9485 for targets of 9425-9405, stop loss: 9505.

Nifty Bank Future: The index witnessed a round of profit booking where private sector and PSU major saw some retracement. However, the overall activity in 22500 and 22600 Puts remains intact indicating major support. Follow-up selling can be seen but we feel 22500 remains a major support area. Buy Nifty Bank in the range of 22570-22620, targets: 22750-22850, stop loss: 22490.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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