Market alert for 20 May 2014
NIFTY May expiry future last closed at 7268 with 24 points gain. In Intraday NIFTY, future made high at 7324 while low was at 7216. Total almost 110 points intraday range and closed with gains on some buying. On futures side, +1.64% open interest build up suggest some long addition. On option side, 7400 call options writing was seen which is upcoming resistance. For tomorrow traders below 7280 expect some correction and consolidation so keep negative view. if sustain above it then only buy for target of 7350 with strict stop loss in place.
BANKNIFTY May expiry future last closed at 15,292 with gain of 345 points. In intraday BANK NIFTY, future hit high at 15,380 while low was at 15,108. Total 370 points intraday range and closed with gain. On futures, side +6.23 % open interest build up suggest long addition. On option side 14,500 call options writing has been seen. For tomorrow, 15,250 is trailing stop loss for bank nifty long positions for target 15,540.
India VIX active future last closed at 2014 with almost 75 points loss. In intraday NVIX hit high at 2055 while low was at 1948. Total 105 points intraday range and closed with loss on sharp profit booking. On futures, side -24.35% open interest cut seen. For tomorrow, buy with stop loss below 1990 for target 2080.
ICICI Bank Limited stock closed at 1465 with loss. In intraday stock hit high at 1494 while low was near 1445. For tomorrow, traders can sell this stock near 1475 levels with strict stop loss 1495 for targets 1440-1430.