Free Market tips 5 June 2014
NIFTY June expiry future last closed at 7417 with 4 points loss. In Intraday NIFTY, future made high at 7439 while low was at 7402. Total almost 40 points intraday range and closed with loss with small profit booking. On futures side, -4.66% open interest cut shows profit booking. On option side, 7500 call options writing was seen which is upcoming resistance. For tomorrow, traders can buy nifty future in 7380-7400 zones with stop loss below 7350 and for targets of 7480 to 7520. Alternatively, option traders can buy nifty 7300 call options on decline.
BANKNIFTY June expiry future last closed at 15,312 with gain of 100 points. In intraday BANK NIFTY, future hit high at 15,355 while low was at 15,126. Total 250 points intraday range and closed with gain. On futures, side -3.92% open interest build up suggest strong long addition. On option side 16,000 call options writing has been seen. For tomorrow, traders above 15,250 stay long on bank nifty for target 15,550 and above. On the other hand, option traders can buy bank nifty 15,500-call option on decline with risk based stop loss.
India VIX active future last closed at 1681 with almost 69 points gain. In intraday NVIX hit high at 1701 while low was at 1681. Total 20 points intraday range and closed with gain on sharp short covering. On futures, side 3750 open interest addition seen. For tomorrow, below 1700 level keep short view in vix future.
State Bank of India stock closed at 2682 with gain. In intraday stock hit high at 2694 while low was near 2622. For tomorrow, traders can buy this stock near 2650-2670 levels with strict stop loss 2620 for targets 2800.