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The Nifty witnessed a decent rally towards the highest Call base and gained 66 points for the day. All major indices ended positively except IT. Nifty futures settled at a premium of 16 points. India VIX rose 2.4 percent and ended at 13.65. FIIs bought Rs 564 crore while DIIs sold Rs 482 crore in the cash segment. FIIs sold Rs 327 crore in index futures and Rs 697 crore in index options. In stock futures, they sold Rs 194 crore.
The Nifty Bank index managed to end well above 20700 on the back of long accumulation, which was seen for the second day in a row. Looking at the overall options data, we feel the index is well placed to test the sizeable Call base levels of 21000 in coming days.
The Nifty is likely to open flat on the back of mixed global cues. Buy Nifty in the range of 8940-8950 for targets of 9000-9020, stop loss: 8920.
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