Expect Nifty to open flat on back of mixed global cues: ICICIdirect

ICICIdirect's Derivative Report:

Nifty

The Nifty ended the April series expiry on flat but stock specific activity continued throughout the day. Nifty futures settled at a premium of 10 points and started the May series with 2.1 crore shares. India VIX fell 5.7 percent to 11.1.

Nifty rolls were at 67  percent, higher than 3M average of 73.3 percent. Market wide rollover at 82.75 percent was in line with the 3M average of 83.09 percent.

FIIs sold Rs 182 crore while DIIs bought Rs 233 crore in the cash segment. FIIs bought Rs 587 crore in index futures and Rs 1322 crore in index options. In stock futures, they sold Rs 795 crore.

The highest Put base for the May series is at the 9000 strike with 43 lakh shares while the highest Call base is at the 9500 strike with 43 lakh shares.

Nifty Bank

The index continued to end at all-time high levels with decent rolls for the next series. Looking at the overall options data, the index is likely to trade in a broader range in coming days. A surge in IVs can also be seen.

Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Sell Nifty in range of 9370-9380 for targets of 9325-9300, stop loss: 9400.

Bank Nifty Future: The index continued to end at all-time high levels with decent rolls for the next series. Looking at the overall options data, the index is likely to trade in a broader range in coming days. A surge in IVs can also be seen. Buy Nifty Bank in the range of 22000-22050, targets: 22150-22250, stop loss: 21940.

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