Wednesday, 10 May 2017

Nifty to open flat to positive on back of mixed global cues: ICICIdirect

Nifty is likely to open flat to positive on the back of mixed global cues. Buy Nifty in the range of 9332-9345 for targets of 9395-9415, stop loss: 9312, says ICICIdirect.

Nifty

The Nifty continued to trade in a narrow band for a ninth day in a row with 9400 acting like a hurdle and 9300 as support. However, stock specific activity continued in this consolidation. Nifty futures ended at a premium of 36 points. India VIX fell 4.8 percent, ending at 11.1.

FIIs bought Rs 333 crore while DIIs bought Rs 17 crore in the cash segment. FIIs sold Rs 1083 crore in index futures and Rs 88 crore in index options. In stock futures, they sold Rs 594 crore.

The highest Put base is at the 9300 strike with 61 lakh shares while the highest Call base is at the 9400 strike with 58 lakh shares. The 9500 and 9400 Call strikes saw additions of 1.7 and 0.7 lakh shares, respectively, while the 9300 and 9200 Put strikes saw additions of 7.3 and 3.5 lakh shares, respectively.

Nifty Bank

Marginal profit booking was seen on the upside, which kept the index move in check. However, private sector banks like Axis and HDFC Bank have seen a long accumulation pattern. Looking at the build-up in 23000 strike, we feel the index is well placed to test highest Call base.

Nifty Future: The Nifty is likely to open flat to positive on the back of mixed global cues. Buy Nifty in the range of 9332-9345 for targets of 9395-9415, stop loss: 9312.

Nifty Bank Future: Marginal profit booking was seen on the upside, which kept the index move in check. However, private sector banks like Axis and HDFC Bank have seen a long accumulation pattern. Looking at the build-up in 23000 strike, we feel the index is well placed to test highest Call base. Buy Nifty Bank in the range of 22600-22650, targets: 22750-22850, stop loss: 22500.

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