Market call for 14 May 2014
NIFTY May expiry future last closed at 7138 with 95 points gain. In Intraday NIFTY, future made high at 7203 while low was at 7078. Total almost 125 points intraday range and closed with gains on strong buying and sharp short covering from trapped traders. On futures side, +6.91% open interest build up suggest some long addition. On option side, 7500 call options writing was seen which is upcoming resistance. For tomorrow traders above 7110 keep long view on market and expect targets of 7225-7240.
BANKNIFTY May expiry future last closed at 14,230 with gain of 49 points. In intraday BANK NIFTY, future hit high at 14,488 while low was at 14,160. Total 325 points intraday range and closed with gain. On futures, side -1.57% open interest cut shows sharp short covering from trapped traders. On option side 15,000 call options writing has been seen. For tomorrow, traders above 14k keep buy on dips view for target 14,550-14,600.
India VIX active future last closed at 3203 with almost 370 points loss. In intraday NVIX hit high at 3431 while low was at 3111. Total 310 points intraday range and closed with loss as strong hands comes into market. On futures, side -11.48% open interest cut seen. For tomorrow, below 3260 keep short view for downside target 3050.
Tata Motors Limited stock closed at 442 with loss. In intraday stock hit high at 455 while low was near 438. For tomorrow, traders can buy this stock near 438 levels with strict stop loss 428 for targets 465.