Moneycontrol
Jan 12, 2017 08:50 AM IST | Source: Moneycontrol.com

Nifty to open on positive note: ICICIdirect

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

ICICIdirect's Derivative Report:

Nifty

Post a positive start, the Nifty witnessed decent buying throughout the day. After rising more than 100 points, the index ended marginally below 8400. Nifty futures settled at a premium of 6 point. India VIX fell 2.6 percent to 14.8.

FIIs sold Rs 627 crore while DIIs bought Rs 1116 crore in the cash segment. FIIs bought Rs 744 crore in index futures and Rs 1044 crore in index options. In stock futures, they bought Rs 1650 crore.

The highest Put base is at the 8000 strike with 69 lakh shares while the highest Call base is at the 8400 strike with 51 lakh shares. The 8500 and 8600 Call strikes saw additions of 6.0 and 4.2 lakh shares, respectively, while 8300 and 8400 Put strikes saw additions of 17.2 and 10.3 lakh shares, respectively.

Bank Nifty

As the index managed to surpass the sizeable Call base of 18500, huge additions were seen in open interest with price moving above 18800 indicating formation of long positions. On the back of aggressive unwinding by Call writers, the rally is likely to continue towards 19000.

Nifty Future: The Nifty is likely to open positive on the back of mixed global cues. Buy Nifty in the range of 8370-8380 for targets of 8430-8450, stop loss: 8350.

Bank Nifty Future: As the index managed to surpass the sizeable Call base of 18500, huge additions were seen in open interest with price moving above 18800 indicating formation of long positions. On the back of aggressive unwinding by Call writers, the rally is likely to continue towards 19000. Buy Bank Nifty in the range of 18650-18700, targets: 18800-18900, stop loss: 18560. 

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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