ICICIdirect's Derivative Report:
continued to face a hurdle above 8600 and witnessed another round of long liquidation. Banking provided some cushion but selling in auto, FMCG, IT, media and metals dragged the index to end 65 points lower. Nifty futures premium settled at 4 points. India VIX rose 5.2 percent to 15.7.
FIIs sold Rs 457 crore while DIIs bought Rs 236 crore in the cash segment. FIIs sold Rs 1033 crore in index futures and Rs 207 crore in index options. In stock futures, they bought Rs 1101 crore.
The highest Put base is at the 8500 strike with 49 lakh shares while the highest Call base is at the 9000 strike with 69 lakh shares. The 8500 and 8600 Call strikes saw additions of 7.9 and 14.7 lakh shares, respectively, while the 8400 and 8300 Put strikes saw additions of 2.3 and 1.8 lakh shares, respectively.Nifty Future:
The Nifty is likely to open gap up on the back of strong Asian cues. Sell Nifty in the range of 8590-8600 for target of 8560, stop loss: 8615.Bank Nifty Future:
On the back of strong participation from private sector leader, the Bank Nifty index ended almost flat well above 19000. We feel Call writers have shifted their positions to the 19300 and 19500 strike and the bounce in the index can be utilised to create fresh shorts. Sell Bank Nifty in the range of 19250-19300, targets: 19100-19000, stop loss: 19380.Disclaimer
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