According to ICICIdirect.com, Nifty is likely to open gap down on the back of negative global cues. The index is likely to trade in the range of 6840-6940.
On expiry day, the Nifty remained choppy and lacklustre. However, towards the end, expiry movement was seen, which pushed it to close after adding 25 points. Nifty rolls were at 58.81 percent, lower than the 3M average of 64.63. Market wide rollover was at 79.22 percent, in line with the 3M average of 80.59 percent.
FIIs bought Rs 768 crore in the cash segment whereas DIIs sold Rs 534 crore. In index futures, FIIs were net buyers to the tune of Rs 1710 crore and Rs 1284 crore in index options. In stock futures, FIIs sold Rs 952 crore.
Highest Call base is seen at 7000 strike with 26 lakh shares. Highest Put base is at 6000 with over 25 lakh shares. The 6900, 7000 and 7200 Call strikes saw addition of nearly 6.23, 4.84 and 2.87 lakh shares respectively. On the other hand, majority of OTM Put strikes saw average addition of 2.40 lakh shares.
The Nifty is likely to open gap down on the back of negative global cues. The index is likely to trade in the range of 6840-6940. The trading strategy would be to create shorts near 6910-6915 for targets of 6880 and 6860. On the other hand, one can enter longs if the index meets support near 6840 levels.
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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