Moneycontrol
Jan 13, 2017 08:45 AM IST | Source: Moneycontrol.com

Nifty may open on flat to positive note: ICICIdirect

According to ICICIdirect, Nifty is likely to open flat to positive on the back of mixed global cues.


ICICIdirect's Derivative Report:


Nifty


The Nifty continued to trade with a positive bias throughout the day. Banking witnessed some strength whereas pharma saw some selling. Towards the end, the index managed to gain 26 points. Nifty futures settled at a premium of 11 point. India VIX fell 1.3 percent to 14.6.


FIIs sold Rs 13 crore while DIIs bought Rs 110 crore in the cash segment. FIIs bought Rs 1052 crore in index futures and sold Rs 302 crore in index options. In stock futures, they bought Rs 927 crore. 


The highest Put base is at the 8000 strike with 68 lakh shares while the highest Call base is at the 8500 strike with 50 lakh shares. The 8500 and 8600 Call strikes saw additions of 5.1 and 4.4 lakh shares, respectively, while 8300 and 8400 Put strikes saw additions of 15.1 and 9.8 lakh shares, respectively. 


Bank Nifty


Long accumulations continued in the Bank Nifty. However, on weekly contract expiry day, a sharp sell-off was seen near the highest Call base. We feel the index is likely to consolidate near the highest Call base of 19000. A close above these levels would open gates for higher targets.

Nifty Future: The Nifty is likely to open flat to positive on the back of mixed global cues. Buy Nifty in the range of 8390-8400 for targets of 8450-8470, stop loss: 8370.

Bank Nifty Future: Long accumulations continued in the Bank Nifty. However, on weekly contract expiry day, a sharp sell-off was seen near the highest Call base. We feel the index is likely to consolidate near the highest Call base of 19000. A close above these levels would open gates for higher targets. Buy Bank Nifty in the range of 18750-18800, targets: 18900-19000, stop loss: 18680.

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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