Tracking negative Asian cues, Nifty may open lower: ICICIdirect

ICICIdirect's Derivative Report:

Nifty

The erratic Nifty movement continued and it settled just above 9200 after seeing a sharp sell-off in the first half of the trade. Once again banking stocks were major performers of the session while technology continued to bleed. Nifty premium has declined to 20 points with marginal closure of open interest.

FIIs sold Rs 580 crore while DIIs bought Rs 701 crore in the cash segment. FIIs sold Rs 435 crore in index futures and bought Rs 1786 crore in index options. In stock futures, they sold Rs 105 crore.

The highest Put base remains at the 9000 strike with 57 lakh shares while the highest Call base has shifted downwards to 9300 strike with 45 lakh shares. The 9300 Call saw addition of more than 8 lakh shares while Put options saw closure of positions. Only 8900 Put strike saw addition of more than 9 lakh shares.

Nifty Bank

Nifty Bank recovered almost 200 points from the day’s low and even surpassed its yesterday’s high as well. With Nifty Bank weekly settlement today, volatility may remain high in today’s session. However, declines below 21500 are not expected today.

Nifty Future: The Nifty is likely to open marginally negative on the back of negative Asian cues. Buy Nifty in the range of 9170-9180 for targets of 9230-9250, stop loss: 9150.

Nifty Bank Future: Nifty Bank recovered almost 200 points from the day’s low and even surpassed its yesterday’s high as well. With Nifty Bank weekly settlement today, volatility may remain high in today’s session. However, declines below 21500 are not expected today. Buy Nifty Bank in the range of 21500-21550, targets: 21700-21850, stop loss: 21400.

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