Nifty is likely to open flat to positive on the back of mixed global cues. It is likely to trade in the range of 7580-7690, says a report by ICICIdirect.
ICICIdirect's Derivative Report:
The sell-off continued for a fourth day in a row with banking stocks feeling the heat more compared to other sectors. The Nifty finally ended almost 100 points down. Nifty futures premium settled at 16 points. India VIX remained almost flat and ended at 26.3.
FIIs sold Rs 827 crore while DIIs bought Rs 504 crore in the cash segment. FIIs sold Rs 1087 crore in index futures and Rs 610 crore in index options. In stock futures, they bought Rs 207 crore.
The highest Put base is at the 7500 strike with 48 lakh shares while the highest Call base is at the 8200 strike with 47 lakh shares. The 7600 and 7900 Calls saw addition of 5.1 and 4.0 lakh shares, respectively. The 7600 and 7200 Put strikes saw additions of 3.4 and 3.7 lakh shares, respectively.
Nifty Future: The Nifty is likely to open flat to positive on the back of mixed global cues. It is likely to trade in the range of 7580-7690. Sell Nifty in the range of 7660-7670 for targets of 7630-7610 and stop loss at 7682.
Bank Nifty Future: Banking stocks continued to remain under pressure with further fresh additions on the short side. As the index ended below 16000, selling is likely to take it towards 15500. However, 16350-16500 levels look like a possible supply zone. Sell Bank Nifty in the range of 16040-16090 for targets at 15900-15800 and stop loss at 16150.
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First Published on Sep 8, 2015 08:42 am