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

ICICIdirect's Derivative Report:

Nifty

After a year, the Nifty ended exactly at the same level compared to the previous day’s close. Advance: decline ratio for Nifty stocks remained at 1:1. Nifty futures settled at a premium of 24 points. India VIX rose 2.2 percent and ended at 12.4.

FIIs sold Rs 296 crore while DIIs bought Rs 1499 crore in the cash segment. FIIs bought Rs 68 crore in index futures and Rs 754 crore in index options. In stock futures, they sold Rs 305 crore

The highest Put base is at the 9000 strike with 38 lakh shares while the highest Call base is at the 9200 strike with 34 lakh shares. The 9200 and 9300 Call strikes saw additions of 5.5 and 4.7 lakh shares respectively, while 9000 and 9200 Put strikes saw additions of 6.1 and 6.95 lakh shares, respectively

Nifty Bank

Axis Bank, HDFC Bank and Yes Bank remained under pressure for the second half of the day. However, PSU banks along with other private sector banks continued to shine, aiding the index to end almost flat. However, looking at the options OI data, the index has decent support near 21300.

Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Sell Nifty in the range of 9225-9235 for targets of 9175-9155, stop loss: 9255.

Nifty Bank Future: Axis Bank, HDFC Bank and Yes Bank remained under

pressure for the second half of the day. However, PSU banks along with other private sector banks continued to shine, aiding the index to end almost flat. However, looking at the options OI data, the index has decent support near 21300. Buy Nifty Bank in the range of 21250-21300, targets: 21400-21500, stop loss: 21190.

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.