Tuesday, 7 February 2017

Nifty may open flat led by mixed global cues: ICICIdirect

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

Nifty

The Nifty took breather above 8800 and consolidated for a major part of the day. On the back of stock specific activity, the ongoing trend continued leading the index to end 60 points higher. Nifty futures settled at a premium of 16 points. India VIX rose 2.1 percent to 13.4.

FIIs sold Rs 404 crore while DIIs bought Rs 450 crore in the cash segment. FIIs bought Rs 170 crore in index futures and Rs 1616 crore in index options. In stock futures, they sold Rs 505 crore.

The highest Put base is at the 8500 strike with 55 lakh shares while the highest Call base is at the 9000 strike with 58 lakh shares. The 8800 and 8600 Call strikes saw reductions of 5.1 and 4.3 lakh shares, respectively, while 8700 and 8800 Put strikes saw additions of 14.1 and 5.5 lakh shares, respectively.

Nifty Bank 

The index moved towards 20500 and witnessed some consolidation for the day. However, looking at the overall options data, we feel 20200 is likely to act as a support for the day.

Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Buy Nifty in the range of 8775-8785 for targets of 8835-8855, stop loss: 8755.

Nifty Bank Future: The index moved towards 20500 and witnessed some consolidation for the day. However, looking at the overall options data, we feel 20200 is likely to act as a support for the day. Buy Nifty Bank in the range of 20280-20320, targets: 20420-20500, stop loss: 20200.

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