Nifty may open gap up: ICICIdirect

Written By Unknown on Senin, 31 Maret 2014 | 10.54

According to ICICIdirect.com, Nifty is likely to open gap up on the back of positive global cues. It is likely to trade in the range of 6710-6800.

ICICIdirect.com's Derivative Report:

Post a flat start, the Nifty traded in a narrow and tight band in the first half. However, buying in banking, capital goods, infra, pharma, realty and oil & gas pushed the index higher to end up 54 points. Nifty futures premium declined and settled at 33 points. India VIX increased 1.40 percent and settled at 18.63.

FIIs bought Rs 1363 crore while DIIs sold Rs 208 crore in the cash segment. FIIs bought Rs 306 crore in index futures and Rs 1027 crore in index options. In stock futures, they bought Rs 265 crore.

The highest Put base is at 6400 strike with over 34 lakh shares. The highest Call base is at 6700 strike with over 32 lakh shares. The 6800, 6900 and 7000 Call strikes witnessed addition of 4.48, 5.56 and 7.60 lakh shares, respectively. On the other hand, 6500, 6600 and 6700 Put strikes saw addition of 4.67, 7.11 and 5.60 lakh shares, respectively.

The Nifty is likely to open gap up on the back of positive global cues. It is likely to trade in the range of 6710-6800. The trading strategy would be to create shorts near 6775-6780 for targets of 6745 and 6725. On the other hand, one can enter longs if the index finds support near 6710.

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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