Jan 11, 2017 08:58 AM IST IST | Source: Moneycontrol.com

Nifty may open on positive note: ICICIdirect

According to a report by ICICIdirect, Nifty is likely to open positive on the back of strong global cues.

ICICIdirect's Derivative Report:

Nifty

The index traded with a positive bias throughout the day. With participation from banking, metals and a few other heavyweights, the index ended 52 points higher. Nifty futures settled at a premium of 5 point. India VIX fell 1.9 percent to 15.2. 

FIIs sold Rs 21 crore while DIIs bought Rs 253 crore in the cash segment. FIIs sold Rs 204 crore in index futures and Rs 119 crore in index options. In stock futures, they bought Rs 436 crore. 

The highest Put base is at the 8000 strike with 66 lakh shares while the highest Call base is at the 8400 strike with 52 lakh shares. The 8200 and 8300 Call strikes saw reductions of 1.3 and 0.4 lakh shares, respectively, while 8300 and 8100 Put strikes saw additions of 3.2 and 2.2 lakh shares, respectively. 

Bank Nifty

After release of quarterly numbers of IndusInd Bank, the Bank Nifty index saw decent buying. Private midcap banks along with PSU banks participated well. Looking at the overall open interest data, a close above 18500 would open the gates for further momentum.

Nifty Future: The Nifty is likely to open positive on the back of strong global cues. Buy Nifty in the range of 8275-8285 for targets of 8335-8350, stop loss: 8255.

Bank Nifty Future: After release of quarterly numbers of IndusInd Bank, the Bank Nifty index saw decent buying. Private midcap banks along with PSU banks participated well. Looking at the overall open interest data, a close above 18500 would open the gates for further momentum. Buy Bank Nifty in the range of 18300-18350, targets: 18450-18550, stop loss: 18270.

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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