Moneycontrol Be a Pro
Get App
Last Updated : Aug 31, 2015 08:53 AM IST | Source: Moneycontrol.com

See gap down opening led by weak global cues: ICICIdirect

Nifty is likely to open gap down on the back of weak global cues. It is likely to trade in the range of 7950-8070, says a report by ICICIdirect.

ICICIdirect's Derivative Report:

Post a gap-up opening, the Nifty met supply pressure above 8100 and remained choppy for the rest of the day. The index finally ended only 23 points higher in futures after correcting around 85 points from day’s high. Nifty futures premium settled at 21 points. India VIX rose 5.8 percent and ended at 23.3.
 
FIIs bought Rs 56 crore while DIIs bought Rs 847 crore in the cash segment. FIIs bought Rs 2512 crore in index futures and Rs 2978 crore in index options. In stock futures, they bought Rs 432 crore.
 
The highest Put base is at the 7800 strike with 44 lakh shares while the highest Call base is at the 8500 strike with 34 lakh shares. The 8100 and 8200 Calls saw addition of 6.2 and 5.4 lakh shares, respectively. The 7600 and 8000 Put strikes saw additions of 8.7 and 5.7 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 7950-8070. Sell Nifty in the range of 8045-8055 for targets of 8015-7995 and stop loss at 8070.

Bank Nifty Future: Short positions were seen building on the very first day after the expiry. Banking stocks also retraced from their early gains. Also, apart from private sector majors, all others ended negative. We feel the levels of 17500 would act as a hurdle. Sell Bank Nifty in the range of 17360-17410 for targets at
17250-17100 and stop loss at 17500.

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.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Aug 31, 2015 08:53 am
Loading...
Sections
Follow us on
Available On