Nifty trades choppy - ICICIdirect

The Nifty traded choppy throughout the session and finally closed marginally in the red.

FIIs were net buyers in the cash segment to the tune of Rs. 247 crore (provisional) while they were net sellers in index futures to the tune of Rs. 744 crore.

India VIX went up from 15.09 to 15.24 (up 1%). In the options space, on the Call side, Nifty 5900 and 6000 Call added 1 million shares. On the Put side, Nifty 5900 Put saw closure of 0.85 million shares Index Outlook.

Nifty: The Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 5850-5920. The trading strategy would be to create short positions if the Nifty finds resistance at around 5914 levels for targets of 5880 and 5860. On the other hand, one can also create long positions if it takes support around 5850 levels.

Bank Nifty: The Bank Nifty is likely to trade in the range of 12300-12450.

OI addition: We saw long build-up in Tata Motors, Havells, HDFC Bank and Sun Pharma while short build-up was seen in Cairn India, Maruti, Reliance Power, Opto Circuit and LIC Housing Finance.

OI shedding: We saw short covering in JP Power, Apollo Tyres, Tata Power, Bharat Forge and Aurobindo Pharma while long closure was seen in Bajaj Auto, Lupin Ltd, IRB Infra and Suzlon Energy.

Source : Equity Bulls

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