According to ICICIdirect, Nifty is likely to open flat to negative on the back of mixed global cues. It is likely to trade in the range of 7730-7820.
Post a flat start, the Nifty remained lacklustre and choppy for the first half. However, the highest Put base acted as a good support. This acted as a turning point for the day. The Nifty finally ended 50 points higher. The Nifty discount declined and settled at 3 points. India VIX fell 3.72 percent and settled at 13.88.
FIIs sold Rs 382 crore while DIIs bought Rs 516 crore in the cash segment. FIIs bought Rs 639 crore in index futures and Rs 469 crore in index options. In stock futures, they sold Rs 373 crore.
The highest Put base stands at the 7700 strike with over 69 lakh shares. The highest Call base stands at the 8000 strike with over 71 lakh shares. The 7700 and 7800 Call strikes have seen reduction of 15.91 and 9.40 lakh shares, respectively. On the Put side, 7700 and 7800 strikes have seen addition of 4.98 and 2.74 shares, respectively.
The Nifty is likely to open flat to negative on the back of mixed global cues. It is likely to trade in the range of 7730-7820. The trading strategy would be to create shorts near 7810-7815 for targets of 7780 and 7760. On the other hand, one can enter longs if the index finds support near 7740.
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