Nifty
The Nifty witnessed a roller coaster ride and traded in a broader range of 60 points throughout the day. A sharp pullback was seen towards the end leading the index to end 42 points higher. Nifty futures settled at a premium of 10 points. India VIX rose 0.8 percent to 15.9. FIIs sold Rs 289 crore while DIIs bought Rs 520 crore in the cash segment. FIIs bought Rs 353 crore in index futures and sold Rs 574 crore in index options. In stock futures, they sold Rs 26 crore. The highest Put base is at the 8000 strike with 66 lakh shares while the highest Call base is at the 8400 strike with 49 lakh shares. The 8400 and 8300 Call strikes saw reductions of 5.8 and 5.2 lakh shares, respectively, while 8400 and 8300 Put strikes saw additions of 3.9 and 1.4 lakh shares, respectively.
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Nifty Bank
Despite a few heavyweights remaining under pressure, the Nifty Bank index has managed to end positive on the back of decent participation in HDFC Bank along with PSU banks. However, looking at the overall options data, we feel the index is likely to witness some supply near highest Call base.
Nifty Future:
The Nifty is likely to open flat on the back of weak global cues. Buy Nifty in the range of 8375-8385 for targets of 8435-8455, stop loss: 8355.
Nifty Bank Future:
Despite a few heavyweights remaining under pressure, the Nifty Bank index has managed to end positive on the back of decent participation in HDFC Bank along with PSU banks. However, looking at the overall options data, we feel the index is likely to witness some supply near highest Call base. Sell Nifty Bank in the range of 18980-19020, targets: 18900- 18800, stop loss: 19110.
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