Market report 1 Jul 2014
NIFTY July expiry future last closed at 7623 with 80 points gain. In Intraday NIFTY, future made high at 7650 while low was at 7555. Total almost 100 points intraday range and closed with loss with strong gains with fresh buying. On futures side, -0.56% open interest cut shows short covering from trapped traders and investors. On option side, 7800 call options writing was seen which is upcoming resistance. For tomorrow, traders now trail stop loss at 7600 and expect target 7720. For fresh buying wait for correction and keep, stop loss below 7550 for same target. Option traders keep holding 7500 call options with trailing stop losses in place.
BANKNIFTY July expiry future last closed at 15,350 with gain of 210 points. In intraday BANK NIFTY, future hit high at 15,450 while low was at 15,189. Total 250 points intraday range and closed with gain. On futures, side +2.4% open interest build up suggest strong long addition. On option side 16,000 call options writing has been seen. For tomorrow, traders trail stop loss at 15,200 for target 15,550. Fresh buying suggested on correction only. Option traders keep long view for 15,200 call options with trailing stop loss.
India VIX active future last closed at 1912 with almost 28 points loss. In intraday NVIX hit high at 1950 while low was at 1912. Total 38 points intraday range and closed with loss on profit booking as expected. On futures, side +21.43% open interest addition seen. For tomorrow, below 1980 level keep short view in vix future.
Reliance Communications Limited stock closed at 146 with gain. In intraday stock hit high at 147 while low was near 144. For tomorrow, traders can buy this stock near 144-142 levels with strict stop loss 138 for targets 152.