Nifty to open on flat to positive note led by mixed global cues: ICICIdirect

ICICIdirect's Derivative Report:

Nifty

The Nifty ended almost flat on the first day of the May series. However, midcap banking performed well along with a few others from the same sector. Nifty futures ended at a premium of 30 points. India VIX fell 1.9 percent, ending at 10.9.

FIIs sold Rs 1151 crore while DIIs bought Rs 1685 crore in the cash segment. FIIs sold Rs 682 crore in index futures and Rs 2427 crore in index options. In stock futures, they sold Rs 534 crore.

The highest Put base is at the 9000 strike with 44 lakh shares while the highest Call base is at the 9500 strike with 43 lakh shares. The 9300 and 9400 Call strikes saw additions of 3.4 and 3.1 lakh shares, respectively, while 9100 and 9200 Put strikes saw additions of 7.1 and 5 lakh shares, respectively.

Nifty Bank

The Nifty Bank continued to outperform and ended at the highest level for the day. Looking at the overall setup, we feel the index is well placed to test 22500 on the upside.

Nifty Future: The Nifty is likely to open flat to positive on the back of mixed global cues. Sell Nifty in the range of 9365-9375 for targets of 9322-9300, stop loss: 9395.

Nifty Bank Future: The Nifty Bank continued to outperform and ended at the highest level for the day. Looking at the overall setup, we feel the index is well placed to test 22500 on the upside. Buy Nifty Bank in the range of 22200-22250, targets: 22350-22500, stop loss: 22120.

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