election results day stock market strategy 16 may 2014
NIFTY May expiry future last closed at 7145 with 4 points gain. In Intraday NIFTY, future made high at 7182 while low was at 7111. Total almost 71 points intraday range and closed with gains on some buying. On futures side, +5.37% open interest build up suggest some long addition. On option side, 7500 call options writing was seen which is upcoming resistance. For tomorrow, small traders must stay out of the market or simply buy far month out of the money call options with stop loss in system. Those having long positions in market must hedge it buy buying in the money put options. For day traders keep long view with stop loss below 7100 for target 7250 and then 7400. Keep strict stop losses in place and in system.
BANKNIFTY May expiry future last closed at 14,272 with loss of 33 points. In intraday BANK NIFTY, future hit high at 14,390 while low was at 14,250. Total 140 points intraday range and closed with loss. On futures, side +3.9% open interest build up suggest long addition. On option side 14,500 call options writing has been seen. For tomorrow, 13,900 is stop loss level for target 14,900 and then 15,500.
India VIX active future last closed at 2320 with almost 3 points gain. In intraday NVIX hit high at 2390 while low was at 2319. Total 71 points intraday range and closed with gains on buying interest. On futures, side -1.49% open interest cut shows profit booking. For tomorrow, above 2260 keep long view for big upside target.
Tata Motors Limited stock closed at 440 with loss. In intraday stock hit high at 449 while low was near 437. For tomorrow, traders can sell this stock near 445-450 levels with strict stop loss 465 for targets 410.