See flat opening led by mixed global cues: ICICIdirect

ICICIdirect's Derivative Report:On the very first day after the July contract expiry, the Nifty witnessed decent buying throughout the session. With all major sectors participating well, the index concluded the day adding 111 points to the previous close. Nifty future premium declined and settled at 37 points. India VIX fell 5 percent and ended at 14.57. FIIs sold Rs 278 crore while DIIs bought Rs 1021 crore in the cash segment. FIIs bought Rs 1155 crore in index futures and Rs 1340 crore in index options. In stock futures, they bought Rs 341 crore. The highest Put base is at the 8200 strike with 39 lakh shares while the highest Call base is at the 8800 strike with 33 lakh shares. The 8600 and 8800 Calls saw additions of 1.7 and 5.2 lakh shares, respectively. The 8500 and 8400 Put strikes saw additions of 6.8 and 9.3 lakh shares, respectively.Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 8500-8600. Buy Nifty in the range of 8525-8530 for targets of 8560-8580 and stop loss at 8510.Bank Nifty Future: The Bank Nifty also witnessed fresh long addition in the last session. Additions were seen in 19000 and 19200 Calls with equally good activity being observed in 18500 strike Puts. We feel the ongoing momentum is likely to continue in the coming days. Buy Bank Nifty in the range of 18680-18730 for targets at 18850-19000 and stop loss at 18610.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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