Market forecast 3 July 2014
NIFTY July expiry future last closed at 7748 with 86 points gain. In Intraday NIFTY, future made high at 7760 while low was at 7702. Total almost 58 points intraday range and closed with strong gains as expected earlier. On futures side, +6.73% open interest build up suggest strong hands buying. On option side, 8000 call options writing was seen which is upcoming resistance. For tomorrow, traders keep stop loss at 7720 and hold long view for target 7780, which was suggested earlier, and above it, 7850 will be next target zone for nifty. Option traders keep accumulating 7500 call options on decline with risk based stop loss.
BANKNIFTY July expiry future last closed at 15,596 with gain of 165 points. In intraday BANK NIFTY, future hit high at 15,644 while low was at 15,465. Total 200 points intraday range and closed with gain. On futures, side +2.67% open interest build up suggest strong long addition. On option side 16,000 call options writing has been seen. For tomorrow, traders above 15,400 keep long view for banknifty future for target 15,800 to 15,900. Option traders hold 15,500 call options with trailing stop loss.
India VIX active future last closed at 1675 with almost 127 points loss. In intraday NVIX hit high at 1690 while low was at 1660. Total 30 points intraday range and closed with loss on fresh shorting. On futures, side 9,900 open interest addition seen. For tomorrow, below 1700 level keep short view in vix future.
Tata Steel Limited stock closed at 543 with gain. In intraday stock hit high at 550 while low was near 542. For tomorrow, traders can buy this stock near 540 levels with strict stop loss 530 for targets 580.