Nifty likely to trade in range of 5990-6060: ICICIDirect

Written By Unknown on Rabu, 02 Januari 2013 | 10.54

ICICIDirect has come out with research report on Indian equities. The firm feels the Nifty is likely to trade in the range of 5990-6060.

The report says, "After opening with a gap up, the Nifty traded in a narrow range with upward bias. It closed 46 points higher. India VIX came down from 14.95 to 13.69 (down 8.43%). FIIs were net buyers in the cash segment to the tune of Rs 665 crore. They were, however, net sellers in index futures and stock futures to the tune of Rs 144 crore and Rs 219 crore, respectively."

"In the options space, on the Call side, Nifty 6200 and 6300 Call saw additions of 1.2 million shares and 0.8 million shares, respectively. On the Put side, Nifty 5600 Put added 1.2 million shares whereas 6000 Put added 0.75 million shares. The Nifty is likely to open positive on the back of positive Asian cues. It is likely to trade in the range of 5990-6060. The trading strategy would be to create long positions if the Nifty takes support around 5995 levels for targets of 6030 and 6050. On the other hand, one can also create long positions if it resists at around 6060 levels," according to the report.

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