Wednesday, 28 June 2017

Nifty to open on flat to negative note led by weak global cues: ICICIdirect

Nifty is likely to open flat to negative on the back of weak global cues. Sell Nifty in the range of 9540-9550 for target of 9490-9470, stop loss: 9570, says a report by ICICIdirect.

intraday trading tipsNifty

The Nifty further extended its fall below 9600 and even moved below 9500 during the day. It finally ended losing 63 points for the day. All major sectors remained under pressure. Nifty futures ended at a premium of 2 points. India VIX rose and closed at 12.5.

FIIs bought Rs 292 crore while DIIs sold Rs 148 crore in the cash segment. FIIs bought Rs 621 crore in index futures and sold Rs 599 crore in index options. In stock futures, they sold Rs 41 crore.

The highest Put base is at the 9500 strike with 51 lakh shares while the highest Call base is at the 9700 strike with 83 lakh shares. The 9500 and 9600 Call strikes saw additions of 17 and 18 lakh shares, respectively, while the 9600 Put strike saw closure of 20 lakh shares.

Nifty Bank

Pressure was clearly visible in most banking stocks, which led the index to end well below the support area of 23500. As the index slipped below support levels, huge additions were seen in OTM strike Calls. We feel the index is likely to slip towards 23000.

Nifty Future: The Nifty is likely to open flat to negative on the back of weak global cues. Sell Nifty in the range of 9540-9550 for target of 9490-9470, stop loss: 9570.

Nifty Bank Future: Pressure was clearly visible in most banking stocks, which led the index to end well below the support area of 23500. As the index slipped below support levels, huge additions were seen in OTM strike Calls. We feel the index is likely to slip towards 23000. Sell Nifty Bank in the range of 23300-23350, target: 23200-23050, stop loss: 23420.

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