Feb 16, 2017 08:50 AM IST | Source: Moneycontrol.com

Nifty may open flat led by mixed global cues: ICICIdirect

Nifty is likely to open flat on the back of mixed global cues, says a report by ICICIdirect.

Nifty may open flat led by mixed global cues: ICICIdirect
ICICIdirect's Derivative Report:

Nifty

The Nifty finally gave up its four day positive streak and ended near the day’s low. With selling in all counters, the index ended 70 points lower. Nifty futures settled at a premium of 19 points. India VIX rose 2.9 percent to 14.2.

FIIs and DIIs bought Rs 226 and Rs 249 crore, respectively, in the cash segment whereas FIIs bought Rs 689 crore in index futures and Rs 742 crore in index options. In stock futures, they sold Rs 1667 crore.

The highest Put base is at the 8500 strike with 59 lakh shares while the highest Call base is at the 9000 strike with 79 lakh shares. The 8800 and 9000 Call strikes saw additions of 7.7 and 8.1 lakh shares, respectively, while 8800 and 8700 Put strikes saw reductions of 9.9 and 5.8 lakh shares, respectively.

Nifty Bank

Nifty Bank lost close to 100 points in the last session as profit booking was seen in both private and public sector banks. Fresh life-time high made by HDFC Bank provided some cushion to the index. Due to weekly settlement, volatility is likely to continue today as well. However, major Put base at 20000 strike will remain an important support.

Nifty Future: The Nifty is likely to open flat on the back of mixed global cues.
Sell Nifty in the range of 8780-8790 for targets of 8730-8710, stop loss: 8810.

Nifty Bank Future: Nifty Bank lost close to 100 points in the last session as profit
booking was seen in both private and public sector banks. Fresh life-time high
made by HDFC Bank provided some cushion to the index. Due to weekly
settlement, volatility is likely to continue today as well. However, major Put base
at 20000 strike will remain an important support. Buy Nifty Bank in the range of
20050-20100, targets: 20250-20350, stop loss: 19980. 

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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