Nifty is likely to open gap down on the back of weak global cues. It is likely to trade in the range of 7550-7670, says ICICIdirect.
ICICIdirect's Derivative Report:
After ending positive on Thursday, the index failed to extend gains. It tumbled on Friday witnessing selling pressure at higher levels. The Nifty finally ended 170 points lower. Nifty futures premium settled at 9 points. India VIX rose 10 percent and ended at 26.4.
FIIs sold Rs 1287 crore while DIIs bought Rs 1129 crore in the cash segment. FIIs sold Rs 356 crore in index futures and bought Rs 636 crore in index options. In stock futures, they bought Rs 490 crore.
The highest Put base is at the 7500 strike with 45 lakh shares while the highest Call base is at the 8200 strike with 44 lakh shares. The 7700 and 7800 Calls saw addition of 8.3 and 7.6 lakh shres, respectively. The 7300 and 7500 Put strikes saw additions of 7.5 and 3.0 lakh shares, respectively.
Nifty Future: The Nifty is likely to open gap down on the back of weak global cues. It is likely to trade in the range of 7550-7670. Buy Nifty in the range of 7580-7590 for targets of 7620-7640 and stop loss at 7565.
Bank Nifty Future: All the banks ended in red with a fresh short addition seen in the index. We believe the index is likely to remain under pressure unless 16500 levels are not taken out and the bounce may be utilized to create short positions. Sell Bank Nifty in the range of 16440-16490 for targets at 16300-16100, and
stop loss at 16560.
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First Published on Sep 7, 2015 09:15 am