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Nifty to open gap up on back of strong global cues: ICICIdirect

Nifty is likely to open gap up on the back of strong global cues. Sell Nifty in range of 9865-9875 for target of 9815, stop loss: 9895, says ICICIdirect.

Nifty

The Nifty remained under pressure throughout the day and finally ended 117 points lower. Nifty futures ended at a premium of 3 points. India VIX rose 7.2 percent and ended at 13.5.

FIIs sold Rs 1460 crore while DIIs bought Rs 1391 crore in the cash segment. FIIs sold Rs 958 crore in index options but bought Rs 241 crore in index futures. In stock futures, they sold Rs 68 crore.

The highest Put base is at the 9800 strike with 55 lakh shares while the highest Call base is at the 9900 strike with 60 lakh shares. The 9900 and 9800 Call strikes saw additions of 11.4 and 21.8 lakh shares, respectively, while the 9900 and 9800 Put strike saw reductions of 24.0 and 10.0 lakh shares, respectively.

Nifty Bank

The index ended below 24200 but witnessed decent support near the highest Call base. We feel the index will remain volatile. A move above 24200 is likely to trigger some short covering.

Nifty Future: The Nifty is likely to open gap up on the back of strong global cues. Sell Nifty in range of 9865-9875 for target of 9815, stop loss: 9895.

Nifty Bank Future: The index ended below 24200 but witnessed decent support near the highest Call base. We feel the index will remain volatile. A move above 24200 is likely to trigger some short covering. Buy Nifty Bank in the range of 24070-24120, target: 24200-24350, stop loss: 23970.

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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