NIFTY MARKET UPDATE NEWS BY MM

Nifty is likely to open flat on the back of mixed global cues. Sell Nifty in a range of 9640-9650 for targets of 9590-9570, stop loss: 9670, says ICICIdirect.

nifty-updateNifty

With 9600 acting as a strong support for the past two days, the Nifty managed to end positive. IT and metals witnessed long liquidation whereas banking and a few other heavyweights provided support. Nifty futures ended at a premium of 5 points. India VIX fell 0.2 percent, ending at 11.7.

FIIs bought Rs 1049 crore while DIIs sold Rs 940 crore in the cash segment. FIIs bought Rs 1130 crore in Index futures and sold Rs 31 crore in index options. In stock futures, they sold Rs 1072 crore.

The highest Put base is at the 9400 strike with 57 lakh shares while the highest Call base is at the 9700 strike with 44 lakh shares. The 9600 and 9700 Call strikes saw additions of 4.3 and 1.9 lakh shares, respectively, while the 9500 and 9400 Put strikes saw additions of 6.2 and 7.6 lakh shares, respectively.

Nifty Bank

The index continued to trade in a range but a sharp move towards 23350 was seen in the second half. Private sector banks continued to do well whereas PSU banks remained under pressure. Looking at the activity in 24000 strike Call, we feel the index is likely to surpass this level.

Nifty Future:

The Nifty is likely to open flat on the back of mixed global cues. Sell Nifty in a range of 9640-9650 for targets of 9590-9570, stop loss: 9670.

Nifty Bank Future: The index continued to trade in a range but a sharp move towards 23350 was seen in the second half. Private sector banks continued to do well whereas PSU banks remained under pressure. Looking at the activity in 24000 strike Call, we feel the index is likely to surpass this level. Buy Nifty Bank in the range of 23150-23200, targets: 23340-23450, stop loss: 23080.

The index continued to trade in a range but a sharp move towards 23350 was seen in the second half. Private sector banks continued to do well whereas PSU banks remained under pressure. Looking at the activity in 24000 strike Call, we feel the index is likely to surpass this level. Buy Nifty Bank in the range of 23150-23200, targets: 23340-23450, stop loss: 23080.

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