For Traders: Detailed Nifty, Bank Nifty strategy highlighted by ICICI Securities; check stock analysis - MGL, IGL, Cadila Healthcare, Exide, Torrent Power
The Nifty is expected to trade between 12800 and 13200 amid high volatility. ICICI Securities recommends to Sell Nifty 13150 Call (December 3 expiry) in the range of 45-47 with target of 31-21 and Stop loss of 61.
Bank Nifty Future:
The choppiness in banking stocks continued as the Bank Nifty again slipped from higher levels and ended with a gain of 0.20% in last session. Most private banks witnessed a leg of profit booking. On the weekly options front, it has significant OI at 29000 Put and major Call OI at 30000. Thus, it may trade in the range of 29000-30000. Traders should Sell Bank Nifty in the range of 29550-29650, with Target of 29350-29200 and Stop loss of 29750.
In Last session, the Nifty witnessed range bound movement and ended on the lower side below 13000. Sectorally, from the highs, selling pressure was visible in banking, insurance and cement stocks while buying was seen in select pharma and auto stocks. On the upside, 13000 remains a crucial hurdle as it holds maximum OI in Call option.
Long build-up / short covering was seen in MGL, IGL, Cadila Healthcare, Exide, Torrent Power, Sun TV, Cipla and Federal Bank while Short build-up / profit booking was seen in JSW Steel, Shree Cement, HCL Tech, HDFC Life, Hindalco and Axis Bank.
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FIIs & DII Action:
FIIs bought Rs 7713 cr while DIIs sold Rs 4964 cr in the cash segment. FIIs bought index futures worth Rs 1770 cr while in index options they bought Rs 853 cr. In the stock futures segment, they sold Rs 3735 cr.
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