Wednesday, 5 August 2015

See flat opening led by mixed global cues: ICICIdirect

Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 8520-8620, says ICICIdirect.

ICICIdirect's Derivative Report:

The Nifty remained volatile throughout the day. However, the RBI keeping key benchmark rates unchanged led the index downwards to end 30 points lower from the previous close. Nifty future premium settled at 31 points. India VIX fell 3.6 percent and ended at 14.8.

FIIs bought Rs 119 crore while DIIs sold Rs 113 crore in the cash segment. FIIs sold Rs 231 crore in index futures and bought Rs 605 crore in index options. In stock futures, they bought Rs 849 crore.

The highest Put base is at the 8200 strike with 49 lakh shares while the highest Call base is at the 8800 strike with 45 lakh shares. The 8800 and 8600 Calls saw additions of 7.8 and 10.1 lakh shares, respectively. The 8500 and 8300 Put strikes saw additions of 3.7 and 8.3 lakh shares, respectively.

Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 8520-8620. Sell Nifty in the range of 8585-8590 for targets of 8555-8535 and stop loss at 8605.

Bank Nifty Future: The index has managed to close above the sizeable Call base of 19000. The current price ratio of Bank Nifty/Nifty is witnessing strength on the back of outperformance in banking stocks. We feel the rally may extend up to 19200-19500 in the coming days. Buy Bank Nifty in the range of 18880-18930 for targets at 19050-19200 and stop loss at 18800.


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The Indian rupee opened flat at 63.76 per dollar against previous close of 63.77.Stock Market Today

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