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Nifty likely to inch towards 9,750; 5 stocks which can give up to 11% return

However, looking at futures open interest and other derivative data we expect Nifty to break 9,700 and moving towards 9,750 in the expiry week and any dip should be used as buying opportunity.

June 21, 2017 / 09:18 AM IST
 
 
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By SMC Global

Last week markets mostly traded sideways but the technical and the derivative data indicates positive move to continue. In the recent consolidation, we have not seen liquidation on positions which indicates rollover over long position is still held in the system.

Put writers were active in recent trading and mostly sold 9,600 and 9,500 strike puts. However, 9,700 call strike has maximum open interest, so this level should act as some resistance.

However, looking at futures open interest and other derivative data we expect Nifty to break 9,700 and moving towards 9,750 in the expiry week and any dip should be used as buying opportunity. The level of 9620 to 9600 spot levels should act as strong support going forward.