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Tuesday, April 18, 2017

Nifty to open on flat to positive note backed of mixed global cues: ICICIdirect

Nifty is likely to open flat to positive on the back of mixed global cues. Buy Nifty in the range of 9140-9150 for targets of 9200-9210, stop loss: 9120, says ICICIdirect.

Nifty

The Nifty consolidated in a narrow range after a gap down opening. Apart from the energy space, heavyweights across sectors remained largely range bound. However, momentum continued in the midcap and small cap space as both indices gained almost 0.5 percent in trade. India VIX continued to remain low at 11.9 percent while the Nifty premium declined marginally to 29 points.

FIIs sold Rs 250 crore while DIIs sold Rs 52 crore in the cash segment. FIIs sold Rs 79 crore in index futures and bought Rs 616 crore in index options. In stock futures they sold Rs 40 crore.

The highest Put base remains at the 9000 strike with 57 lakh shares while the highest Call base has shifted downwards to the 9300 strike with 50 lakh shares. The 9200 and 9300 Call strikes saw addition of more than 5 lakh shares each while PUT OPTIONS saw closure of positions.

Nifty Bank

Nifty Bank continued its positive bias in the last session as well and ended near the highs of the day. We remain positive on the Nifty Bank till it trades above 21500. Participation of private sector heavyweights is likely to pull the index towards 22000 in coming sessions.

Nifty Future: The Nifty is likely to open flat to positive on the back of mixed global cues. Buy Nifty in the range of 9140-9150 for targets of 9200-9210, stop loss: 9120.

Nifty Bank Future: Nifty Bank continued its positive bias in the last session as well and ended near the highs of the day. We remain positive on the Nifty Bank till it trades above 21500. Participation of private sector heavyweights is likely to pull the index towards 22000 in coming sessions. Buy Nifty Bank in the range of 21600-21650, targets: 21750-21850, stop loss: 21500.

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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