Nifty expected to open flat to positive - Karvy

The US markets closed negative in yesterday's trade, while Asian markets are currently trading in the green. Hence, Nifty is expected to open flat to positive as indicated by SGX Nifty. Trade long in the Nifty above 6000 or else on dips around 5980 levels with stop loss placed at 5950 for targets of 6030 and 6050.

The Bank Nifty ended on a flat note, gaining 0.13% in yesterday's trade. On the F&O front, the Index shed 1.71% in open interest on the back of rise in cost-of-carry from 10.50% to 12.38%. The index seems to be trapped in the range of 12650 and 12800 levels. Going forward, a move on either side can give a definitive trend for traders. For the day, trade long on the Index if it sustains above 12750 levels for targets of 12850 and 13000 levels. Else, trade speculative shorts below 12650 levels targeting supports.

The market added 0.91% in open interest in yesterday's trade on the back of rise in cost of carry to 11.24% from 9.48%.

Realty and Consumer Durables sectors saw highest addition in open interest at 5.77% and 3.66%, while Telecom and Metals saw highest unwinding at 1.88% and 1.67% respectively.

Source : Equity Bulls

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