According to ICICIdirect, Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 7450-7550.
Post a positive start, the Nifty remained under pressure for the majority of the day. However, towards the end, it managed to recover on the back of banking and oil & gas and closed only 18 points lower. Nifty futures premium declined and settled at 12 points. India VIX increased 0.61 percent and settled at 18.96.
FIIs sold Rs 214 crore while DIIs bought Rs 117 crore in the cash segment. FIIs sold Rs 15 crore in index futures and bought Rs 283 crore in index options. In stock futures, they sold Rs 457 crore.
The highest Put base stands at the 7500 strike with over 49 lakh shares. The highest Call base stands at the 7600 strike with over 75 lakh shares. The 7500, 7600 and 7700 Call strikes have seen addition of 12.05, 4.82 and 1.59 lakh shares, respectively. On the Put side, 7500, 7600 and 7700 strikes have seen reduction of 3.11, 4.20 and 1.57 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 7450-7550. The trading strategy would be to create longs near 7465-7470 for targets of 7500 and 7520. On the other hand, one can enter shorts if the index finds resistance near 7550.
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