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Last Updated : Aug 23, 2017 08:37 AM IST | Source: Moneycontrol.com

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

Nifty is likely to open positive on the back of strong global cues. Buy Nifty in range of 9775-9785 for target of 9835, stop loss: 9755., says ICICIdirect.


ICICIdirect's Derivative Report:

Nifty

With choppy IVs and stock specific selling, the Nifty remained in a tight band of only 50 points throughout the day. However, 9800 continued to act as a hurdle. The index managed to end only 11 points higher. Nifty futures ended at a premium of 19 points. India VIX fell 4.8 percent and ended at 14.1.

Close

FIIs sold Rs 829 crore while DIIs bought Rs 435 crore in the cash segment. FIIs bought Rs 209 crore in index futures and sold Rs 561 crore in index options. In stock futures, they bought Rs 168 crore.

The highest Put base is at the 9800 strike with 51 lakh shares while the highest Call base is at the 10000 strike with 59 lakh shares. The 10200 and 9800 Call strikes saw reductions of 1.6 and 2.2 lakh shares, respectively, while the 9600 and 9400 Put strike saw additions of 3.8 and 11.1 lakh shares, respectively.

Nifty Bank

Despite selling in the initial hour of the day, the index saw a sharp recovery and managed to end well above 24000. Huge ATM Call closure was seen, which is likely to provide some steam, going forward. However, looking at the stock specific recovery some upside can be seen but the index is likely to face resistance near 24200.

Nifty Future: The Nifty is likely to open positive on the back of strong global cues. Buy Nifty in range of 9775-9785 for target of 9835, stop loss: 9755.

Nifty Bank Future: Despite selling in the initial hour of the day, the index saw a sharp recovery and managed to end well above 24000. Huge ATM Call closure was seen, which is likely to provide some steam, going forward. However, looking at the stock specific recovery some upside can be seen but the index is likely to face resistance near 24200. Sell Nifty Bank in the range of 24200-24250, target: 24100-24000, stop loss: 24330.

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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First Published on Aug 23, 2017 08:37 am
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