• Nifty July 2017 futures closed at 9517.40 on Friday at a discount of 3.50 points over spot closing of 9520.90.
• Call writing was seen at 9500 & 9700 strikes, put writing was seen at 9400 strike.
• Maximum positions are at 9700 CE and 9400 PE. Nifty is expected to trade in the range of 9350-9700.
•INDIGO (51%), INFIBEAM (24%), OIL (23%), LT (17%) and KSCL (IBREALEST%) were the top open interest gainers in the market.
• BPCL (-10%), M&MFIN (-9%), PTC (-5%), BERGERPAINT (4%) and ABIRLANUVO (-4%) were the top open interest losers in the market.
•Metals, Realty and Telecom stocks gained the most whereas Infrastructure, Banking and Automobile stocks lost the most during the week.
• The Nifty Put Call Ratio (PCR) finally stood at 1.0 for July month contract.
• FIIs were net seller of around 1318 Cr whereas DIIs were net buyers of around 620 Cr in cash segment.
• Nifty July futures saw an addition of 0.13 million (mn) units, taking the total outstanding open interest (OI) to 19.57 million (mn) units.
Derivative Idea
INFIBEAM added around 21% of open interest as Long positions. On Daily charts, INFIBEAM has given symmetrical triangle breakout at 1080 level with increase in volumes too.
Current chart pattern and derivatives data suggest that we expect further rally in coming sessions.
Trading Recommendations
Buy INFIBEAM (July) Future above 1120 Stop loss 1080 Target 1180—1200++
More will update soon!!
