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May 18, 2017 08:36 AM IST | Source: Moneycontrol.com

Expect Nifty to open gap down on back of weak global cues: ICICIdirect

Nifty is likely to open gap down on the back of weak global cues. Sell Nifty in range of 9520-9530 for targets of 9470-9450, stop loss at 9550, says a report by ICICIdirect.

Expect Nifty to open gap down on back of weak global cues: ICICIdirect

ICICIdirect's Derivative Report:

Nifty

Post a negative start, the Nifty witnessed decent support near 9500. Towards the end, it managed to end with a gain of 14 points. Nifty futures ended at a premium of 8 points. India VIX rose 0.7 percent, ending at 10.6.

FIIs sold Rs 731 crore while DIIs bought Rs 615 crore in the cash segment. FIIs sold Rs 8 crore in index futures and bought Rs 24 crore in index options. In stock futures, they sold Rs 21 crore.

The highest Put base is at the 9300 strike with 73 lakh shares while the highest Call base is at the 9500 strike with 52 lakh shares. The 9600 and 9700 Call strikes saw additions of 3.7 and 0.8 lakh shares, respectively, while the 9500 and 9400 Put strikes saw additions of 15.5 and 7.0 lakh shares, respectively.

Nifty Bank

Despite the Nifty making a new life-time high in the past two days, the Nifty Bank saw a muted move and remained well below 23000. However, 22500 and 22600 Put saw decent writing in the past few days indicating major support.

Nifty Future: The Nifty is likely to open gap down on the back of weak global cues. Sell Nifty in range of 9520-9530 for targets of 9470-9450, stop loss: 9550.

Nifty Bank Future: Despite the Nifty making a new life-time high in the past two days, the Nifty Bank saw a muted move and remained well below 23000. However, 22500 and 22600 Put saw decent writing in the past few days indicating major support. Buy Nifty Bank in the range of 22700-22750, targets: 22850-23000, stop loss: 22600

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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