Nifty may open gap up: ICICIdirect.com

Written By Unknown on Kamis, 19 September 2013 | 10.55

ICICIdirect.com Derivative Report:

Post a flattish start, the Nifty traded sideways in narrow range for most of the trading day. However, in the final session, it witnessed a strong upward rally and closed strongly at 5931, up 50 points for the day. India VIX closed at 27.69, marginally down 0.90 percent.
 
FIIs bought Rs 580 crore in the cash segment. In index futures, FIIs were net buyers to the tune of Rs 144 crore while in index options they sold options worth Rs 1204 crore. In stock futures, FIIs sold Rs 520 crore.
 
Highest Call base is seen at 6000 Call strike of over 56 lakh shares. Highest Put base remains at the 5300 strike with over 62 lakh shares while the 5600 Put strike also has a significant OI base (over 58 lakh shares). The 5700, 5800 and 5900 Put strikes saw addition of 4.94 lakh, 3.52 lakh and 9.50 lakh shares, respectively. On the other hand, 6000, 6100 and 6200 Call strikes witnessed addition of 5.18 lakh, 4.90 lakh and 3.86 lakh shares, respectively.
 
The Nifty is likely to open gap up on the back of positive global cues. The index is likely to trade in the range of 6000-6130. The trading strategy would be to create longs near 6020-6025 for targets of 6055 and 6075. On the other hand, one can enter shorts only if the index meets resistance near 6100-6120.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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