Nifty is likely to open gap up on the back of strong global cues. It is likely to trade in the range of 7730-7870, says ICICIdirect.
ICICIdirect's Derivative Report:
After four consecutive days of sell-off, Nifty witnessed a relief rally with most hammered banking stocks leading the day. On the back of participation by almost all the sectors, the index ended 155 points higher. Nifty futures premium settled at 31 points. India VIX fell 7 percent and ended at 24.5.
FIIs sold Rs 660 crore while DIIs bought Rs 447 crore in the cash segment. FIIs bought Rs 802 crore in index futures and sold Rs 1594 crore in index options. In stock futures, they sold Rs 279 crore.
The highest Put base is at the 7500 strike with 46 lakh shares while the highest Call base is at the 8200 strike with 39 lakh shares. The 7700 and 7800 Calls saw addition of 2.6 and 6.1 lakh shares, respectively. The 7300 and 7200 Put strikes saw additions of 1.5 and 1.9 lakh shares, respectively.
Nifty Future: The Nifty is likely to open gap up on the back of strong global cues. It is likely to trade in the range of 7730-7870. Buy Nifty in the range of 7770-7780 for targets of 7810-7830 and stop loss at 7750.
Bank Nifty Future: Sharp pullback was seen in index with aggressive shorts getting covered during the day. Any move above 16500 levels is likely to trigger further short covering. Buy Bank Nifty in the range of 16460-16510 for targets at 16600-16750 and stop loss at 16400.
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First Published on Sep 9, 2015 08:53 am