According to a report by ICICIdirect, Nifty is likely to open gap up on the back of positive global cues. It is likely to trade in the range of 7230-7350.
Post a flat start, the Nifty traded in a broader range amid high volatility. Banking, ADAG group, capital goods & PSUs performed well whereas FMCG & IT remained under pressure. Nifty futures premium declined significantly and settled at 16 points. India VIX declined 15.08 percent and settled at 20.63.
FIIs bought Rs 1350 crore while DIIs sold Rs 348 crore in the cash segment. FIIs bought Rs 581 crore in index futures and Rs 1913 crore in index options. In stock futures, they sold Rs 1156 crore.
The highest Put base stands at the 7000 strike with over 49 lakh shares. The highest Call base stands at 7500 strike with over 57 lakh shares. The 7300 and 7400 Call strikes saw addition of 2.91 and 2.27 lakh shares, respectively. On the other hand, 7100, 7200 and 7300 Put strikes saw addition of 3.39, 3.26 and 1.75 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 7230-7350. The trading strategy would be to create longs near 7250-7255 for targets of 7285 and 7305. On the other hand, one can enter shorts if the index finds resistance near 7350.
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