Jan 09, 2017
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Nifty The Nifty remained lacklustre above 8300 and witnessed a round of selling towards the end. With IT and a few FMCG stock remaining under pressure, the index finally ended 30 points lower.
Nifty futures settled at a premium of 24 point. India VIX fell 0.9 percent to 14.9. FIIs sold Rs 255 crore while DIIs bought Rs 165 crore in the cash segment. FIIs bought Rs 510 crore in index futures and Rs 831 crore in index options.
In stock futures, they bought Rs 169 crore. The highest Put base is at the 8000 strike with 63 lakh shares while the highest Call base is at the 8400 strike with 48 lakh shares. The 8300 and 8600 Call strikes saw addition of 5.2 and 4.5 lakh shares, respectively, while 8300 and 8200 Put strikes saw additions of 7.5 and 2.0 lakh shares, respectively.
Bank Nifty Aggressive short covering helped the Bank Nifty future to end marginally above 18300. Looking at the options data, we feel the index has a strong support near 18200. Going forward, it is likely to test the sizeable Call base of 18500.
Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Buy Nifty in the range of 8240-8250 for targets of 8300-8320, stop loss: 8220.
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