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Published on 2/06/2020 11:30:25 AM | Source: ICICI Direct

Buy Bank Nifty in the range of 19750-19800 by ICICI Direct

Posted in Market Outlook| #Market Outlook #ICICI Direct

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Intraday Outlook: Buy Bank Nifty in the range of 19750-19800

Index Outlook

* Nifty Future: The Nifty is expected to trade between 9500 and 10000 amid high volatility. Sell Nifty 10000 Call (June 4 expiry) in the range of Rs. 55-57 Target: Rs. 40-25, Stop loss : Rs. 71

 

Bank Nifty Future

* On Monday, the Bank Nifty opened higher and remained positive throughout the day. A recovery was seen in PSU banks whereas other banks also provided support. From the option space, additions were seen in 19000 and 19500 Put strikes that should act as support on downsides. Once the index manages to sustain above its major Call base of 20000, short covering can be seen further. Buy Bank Nifty in the range of 19750-19800 Target:20000-20200, Stop loss: 19600

 

F&O Highlights

* Last week, the Nifty rallied almost 5.5% followed by positive global cues and renewed FII buying interest. The rally in auto, metals, pharma and banking lifted the Nifty above 9900 on Monday. On the options front, additions were seen in 9500 to 9700 strikes. This should act as strong support on downsides

 

Stock Analysis

Long build-up/short covering: Voltas, Canara Bank, Biocon, Bajaj Finance, SBI, Apollo Tyres, PFC and Bata India

Short build-up/profit booking: Dr Reddy’s, Nestlé India, UltraTech Cement, Lupin, IGL and Petronet

 

FIIs & DII Action

* FIIs bought Rs. 1575 crore while DIIs sold Rs. 459 crore in the cash segment. FIIs bought index futures worth Rs. 136 crore while in index options they sold Rs. 226 crore. In the stock futures segment, they sold Rs. 351 crore

 

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