ICICIdirect.com has come out with its derivative report. According to the research firm, Nifty is likely to trade in the range of 6050-6130. The trading strategy would be to create short positions if the Nifty resists at around 6125 levels for targets of 6090 and 6070.
After trading in a narrow range in the first half, the Nifty rallied post noon to close at the day’s high. FIIs created longs in index futures to the tune of Rs 1082 crore while they were net sellers in stock futures to the tune of Rs 404 crore. They were net buyers in the cash segment to the tune of Rs 977 crore. The highest Call base is placed at the 6200 Call strike with 62 lakh shares while highest Put base of 88 lakh shares is placed at 5800 Put. The Nifty 6200 Call added 6 lakh shares. On the Put side, Nifty 6000 Put added 9 lakh shares followed by Nifty 5900 and 6100 Put, which added 5 lakh shares each. Index Outlook: Nifty: The Nifty is likely to open positive on the back of strong global cues. It is likely to trade in the range of 6050-6130. The trading strategy would be to create short positions if the Nifty resists at around 6125 levels for targets of 6090 and 6070. On the other hand, one can also create long positions if it takes support at 6060 levels. Bank Nifty: The banking index remained above 12500 despite intraday volatility. We expect the Bank Nifty to trade with a positive bias towards 12800 levels till it holds above 12500. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies 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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