Tuesday, 31 January 2017

See flat opening led by mixed global cues: ICICIdirect

According to a report by ICICIdirect, Nifty is likely to open flat on the back of mixed global cues. 

Nifty

The Nifty traded in a narrow and tight band of 35 points throughout the day amid high volatility. Towards the end, it ended 13 points lower. Nifty futures settled at a premium of 22 points. India VIX rose 4.2 percent to 16.7.

FIIs bought Rs 607 crore while DIIs bought Rs 40 crore in the cash segment. FIIs sold Rs 369 crore in index futures and Rs 137 crore in index options. In stock futures, they bought Rs 516 crore.

The highest Put base is at the 8400 strike with 39 lakh shares while the highest Call base is at the 9000 strike with 45 lakh shares. The 8600 and 9100 Call strikes saw additions of 2.2 and 11.4 lakh shares, respectively, while 8600 and 8500 Put strikes saw additions of 4.5 and 10.2 lakh shares, respectively.

Nifty Bank

On the back of mixed activity from PSU and private sector banks, the index saw a muted trading day. Before the Union Budget, traders have created positions in OTM options to hedge their trades. We feel the index is likely to test 20000 in coming days with a cushion near 19500.

Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Sell Nifty in the range of 8680-8690 for targets of 8630-8610, stop loss: 8710.

Nifty Bank Future: On the back of mixed activity from PSU and private sector banks, the index saw a muted trading day. Before the Union Budget, traders have created positions in OTM options to hedge their trades. We feel the index is likely to test 20000 in coming days with a cushion near 19500. Buy Nifty Bank in the range of 19500-19550, targets: 19650-19750, stop loss: 19430.

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