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Jul 17, 2017 08:59 AM IST | Source: Moneycontrol.com

Nifty likely to open gap up on back of strong global cues: ICICIdirect

Nifty is likely to open gap up on the back of strong global cues. Buy Nifty in range of 9880-9890 for target of 9940-9960, stop loss: 9860, says ICICIdirect.

Nifty likely to open gap up on back of strong global cues: ICICIdirect

ICICIdirect's Derivative Report:

Nifty

Post a flat start after dismal quarterly numbers of TCS, which opened nearly 3 percent lower, the Nifty remained subdued in a narrow range. Towards the end, it ended almost flat. Nifty futures ended at a premium of 14 point. India VIX fell 0.6 percent and ended at 11.2.

FIIs bought Rs 674 crore while DIIs sold Rs 136 crore in the cash segment. FIIs sold Rs 311 crore in index futures and Rs 520 crore in index options. In stock futures, they bought Rs 47 crore.

The highest Put base is at the 9600 strike with 63 lakh shares while the highest Call base is at the 10000 strike with 46 lakh shares. The 9900 and 10000 Call strikes saw additions of 5.8 and 1.2 lakh shares, respectively, while the 9800 and 9900 Put strike saw additions of 7.6 and 20.6 lakh shares, respectively.

Nifty Bank

The buying spree by FIIs in the cash segment led the index to end well near 23900. With Call OI build-up moving at the higher strike Calls of 24200 and 24300 we feel a close above the sizeable Call base of 24000 would open the gates for further upsides.

Nifty Future: The Nifty is likely to open gap up on the back of strong global cues. Buy Nifty in range of 9880-9890 for target of 9940-9960, stop loss: 9860.

Nifty Bank Future: The buying spree by FIIs in the cash segment led the index to end well near 23900. With Call OI build-up moving at the higher strike Calls of 24200 and 24300 we feel a close above the sizeable Call base of 24000 would open the gates for further upsides. Buy Nifty Bank in the range of 23880-23930, target: 24020-24120, stop loss: 23800.

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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