According to ICICIdirect, Nifty may open flat on the back of mixed global cues. It is likely to trade in the range of 7350-7450.
Post a positive start, the Nifty consolidated for major part of the day amid high volatility. However, towards the end, the index closed 100 points higher on the back of buying in banking, oil & gas, metals & auto. Nifty futures premium declined and settled at 15 points. India VIX declined 0.73 percent and settled at 17.70.
FIIs sold Rs 417 crore while DIIs sold Rs 135 crore in the cash segment. FIIs sold Rs 444 crore in index futures and bought Rs 774 crore in index options. In stock futures, they sold Rs 24 crore.
The highest Put base stands at the 7000 strike with over 49 lakh shares. The highest Call base stands at the 7500 strike with over 57 lakh shares. The 7200, 7300, and 7400 Call strikes saw reduction of 10.05, 8.31 and 2.26 lakh shares, respectively. On the other hand, 7300 and 7400 Put strikes saw addition of 8.50, and 9.41 lakh shares, respectively.
The Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 7350-7450. The trading strategy would be to create longs near 7370-7375 for targets of 7405 and 7425. On the other hand, one can enter shorts if the index finds resistance near 7450.
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