ICICIdirect's Derivative Report:
Nifty
With a decline in implied volatility, local indices continued their positive journey. L&T and Reliance Industries contributed almost 45 points, aiding the index to end 65 points higher. Nifty futures settled at a premium of 25 points. India VIX fell 7.4 percent and ended at 11.5.
FIIs bought Rs 535 crore while DIIs bought Rs 33 crore in the cash segment. FIIs sold Rs 100 crore in index futures and bought Rs 1556 crore in index options. In stock futures, they bought Rs 156 crore.
The highest Put base is at the 9000 strike with 49 lakh shares while the highest Call base is at the 9500 strike with 39 lakh shares. The 9400 and 9500 Call strikes saw additions of 8.1 and 7.6 lakh shares respectively, while 9000 and 9100 Put strikes saw additions of 12.3 and 10.6 lakh shares, respectively.
Nifty Bank
On the back of fresh long additions, the index managed to end well above the sizeable Call base of 21500. As RBI’s monetary policy is lined up tomorrow, we may see some trigger in volatility and a broader move in the index. However, 21200 is likely to act as a strong support.
Nifty Future: The Nifty is likely to open flat to positive on the back of mixed global cues. Buy Nifty in the range of 9240-9250 for targets of 9300-9320, stop loss: 9220.
Nifty Bank Future: On the back of fresh long additions, the index managed to end well above the sizeable Call base of 21500. As RBI’s monetary policy is lined up tomorrow, we may see some trigger in volatility and a broader move in the index. However, 21200 is likely to act as a strong support. Buy Nifty Bank in the range of 21350-21400, targets: 21500-21600, stop loss: 21290.
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