Moneycontrol
Oct 17, 2016 08:51 AM IST | Source: Moneycontrol.com

See gap down opening led by weak global cues: ICICIdirect

Nifty is likely to open gap down on the back of weak global cues, says ICICIdirect.

ICICIdirect's Derivative Report:

The Nifty consolidated in a tight band post a sharp fall on last Thursday. With a 1.5:1 advance decline ratio in the Nifty, the index ended 22 points higher. Nifty futures premium settled at 21 points. India VIX rose 3.5 percent to 14.9.

FIIs sold Rs 946 crore while DIIs bought Rs 557 crore in the cash segment. FIIs bought Rs 64 crore in index futures and Rs 404 crore in index options. In stock futures, they bought Rs 533 crore.

The highest Put base is at the 8500 strike with 54 lakh shares while the highest Call base is at the 9000 strike with 68 lakh shares. The 8700 to 8800 Call strikes saw additions of 4.7 and 8.6 lakh shares, respectively, while the 8500 and 8300 Put strikes saw additions of 5.9 and 2.9 lakh shares, respectively.

Nifty Future: The Nifty is likely to open gap down on the back of weak global cues. Sell Nifty in the range of 8615-8625 for target of 8585, stop loss: 8640.

Bank Nifty Future: The Bank Nifty remained firm above 19000. However, stock specific selling was seen in a few midcap banking stocks. We feel that due to cash based selling by FIIs the index is likely to witness a fall if it ends below 19000. Sell Bank Nifty in the range of 19200-19250, targets: 19100-19000, stop loss: 19340.

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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