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Published on 30/03/2020 10:58:36 AM | Source: ICICI Direct

Intraday Outlook: Buy Bank Nifty in the range of 19400-19500 - ICICI Direct

Posted in Market Outlook| #Market Outlook #ICICI Direct

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Index Outlook

* Nifty Future: The weekly option structure shows that the Nifty is likely to trade between 8000-9000 levels.

Bank Nifty Future

* On Friday, the Bank Nifty relatively outperformed the Nifty and closed with the gain of 2%. The up move was driven by significant liquidity measures taken by RBI during the session. From the weekly option space, 19000 Put has maximum OI that should be strong support on the downsides. Buy Bank Nifty in the range of 19400-19500, Target: 19750-19850, Stop loss: 19200

F&O Highlights

* Last session the Nifty consolidated, as its closed with a negligible gain amid high volatility. Sectorally, buying witnessed in banking, pharma and technology stocks whereas selling was seen in metal, auto and infrastructure stocks. From the weekly option space, addition was seen in 8000 and 8500 Put strikes, 8000 strike holds maximum OI that should be the strong support on the downsides. However, on the upside 9000 remains strong hurdle.

Stock Analysis

Long build-up/short covering: Bandhan Bank,NMDC, Mahindra & Mahindra, TCS, Torrent Pharma and Infosys Short build-up/profit booking: Indusind Bank, Bajaj Finance, Cummins India, Marico, Just Dial and Maruti

FIIs & DII Action

* FIIs bought 356 crore while DIIs bought 1704 crore in the cash segment. FIIs sold index futures worth 29 crore while in index options they bought 336 crore. In the stock futures segment, they bought 482 crore.

 

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