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Nifty to 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 9810-9820 for target of 9870-9890, stop loss: 9790, says ICICIdirect.

Nifty

Benchmark indices continued to soar with a positive bias where most sectors supported its move. The Nifty managed to gain almost 30 points despite selling pressure in index heavyweights like ITC. Nifty futures ended at a premium of 6 point. India VIX rose 2.3 percent and ended at 11.1.

FIIs bought Rs 361 crore while DIIs sold Rs 331 crore in the cash segment. FIIs sold Rs 1286 crore in index futures and Rs 135 crore in index options. In stock futures, they bought Rs 202 crore.

The highest Put base is at the 9600 strike with 67 lakh shares while the highest Call base is at the 9800 strike with 42 lakh shares. The 9700 and 9600 Call strikes saw reduction of 1.5 and 0.9 lakh shares, respectively, while the 9800 and 9700 Put strike saw additions of 8.3 and 8.7 lakh shares, respectively.

Nifty Bank

The Nifty Bank index outperformed with stock specific actions and ended well above 23700. Today being the weekly expiry, we may see some volatility. However, the overall set-up suggests the expiry is most likely to be above 23500. Hence, one can buy on dips. INTRADAY STOCK FREE TIPS

Nifty Future: The Nifty is likely to open positive on the back of strong global cues. Buy Nifty in the range of 9810-9820 for target of 9870-9890, stop loss: 9790.

Nifty Bank Future: The Nifty Bank index outperformed with stock specific
actions and ended well above 23700. Today being the weekly expiry, we may see some volatility. However, the overall set-up suggests the expiry is most likely to be above 23500. Hence, one can buy on dips. Buy Nifty Bank in the range of 23580-23630, target: 23750-23850, stop loss: 23500.

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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