Follow-up selling in the market continued throughout the day after a negative start. With all major sectors ending in the red, the Nifty ended 145 points lower. Nifty futures premium settled at 7 points. India VIX rose 8.1 percent to 15.4.
FIIs sold Rs 912 crore while DIIs bought Rs 680 crore in the cash segment. FIIs sold Rs 2330 crore in index futures and bought Rs 1138 crore in index options. In stock futures, they sold Rs 53 crore.
The highest Put base is at the 8500 strike with 48 lakh shares while the highest Call base is at the 9000 strike with 66 lakh shares. The 8600 to 8700 Call strikes saw additions of 16.0 and 10.2 lakh shares, respectively, while the 8700 and 8800 Put strikes saw reductions of 11.1 and 7.3 lakh shares, respectively.
Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Sell Nifty in the range of 8630-8640 for target of 8600, stop loss: 8655.
Bank Nifty Future: Huge selling was seen in banking stocks leading the Bank Nifty to violate sizeable Put base of 19000. However, it ended marginally above these levels. We feel a close below 19000 would open gates for lower targets. The bounce should be taken as an opportunity to create fresh positions. Sell Bank Nifty in the range of 19150-19200, targets: 19000-18900, stop loss: 19270.
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