Nifty is likely to open negative on the back of weak global cues. It is likely to trade in the range of 8250-8420, says a report by ICICIdirect.
ICICIdirect's Derivative Report:
After four days of consolidation in a narrow range, the Nifty witnessed selling pressure throughout the day. Except FMCG, a significant sell-off was seen in almost all sectors, which led the index to close 123 points lower. Nifty future premium settled at 7 points. India VIX rose 1.8 percent and ended at 16.97.
FIIs sold Rs 1007 crore while DIIs bought Rs 568 crore in the cash segment. FIIs sold Rs 1771 crore in index futures and bought Rs 751 crore in index options. In stock futures, they bought Rs 343 crore.
The highest Put base is at the 8200 strike with 64 lakh shares while the highest Call base is at the 8600 strike with 57 lakh shares. The 8400 and 8500 Calls saw additions of 12.5 and 17.0 lakh shares, respectively. The 8400 and 8300 Put strikes saw reductions of 17.8 and 4.8 lakh shares, respectively.
Nifty Future: The Nifty is likely to open negative on the back of weak global cues. It is likely to trade in the range of 8250-8420. Sell Nifty in the range of 8388-8393 for targets of 8360-8340 and stop loss at 8408.
Bank Nifty Future: On the back of fresh short additions, the index ended well below the intermediate levels of 18500. The depreciation in the rupee is likely to
keep banking stocks under pressure, which may move the Bank Nifty towards 18000-17800. Sell Bank Nifty in the range of 18300-18350 for targets at 18200-18100 and stop loss at 18430.
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First Published on Aug 21, 2015 08:42 am