Market report 2 Jul 2014
NIFTY July expiry future last closed at 7668 with 34 points gain. In Intraday NIFTY, future made high at 7678 while low was at 7637. Total almost 40 points intraday range and closed with gain with follow up buying. On futures side, -2.65% open interest cut shows trapped traders short covering. On option side, 7800 call options writing was seen which is upcoming resistance. For tomorrow, traders above 7630, keep long view with strict stop loss in place as per your risk profile or hold 7500 call options with strict stop loss in place. Next expected targets for nifty futures are 7780 and 7850.
BANKNIFTY July expiry future last closed at 15,450 with gain of 84 points. In intraday BANK NIFTY, future hit high at 15,475 while low was at 15,363. Total 100 points intraday range and closed with gain. On futures, side -2.31% open interest build up suggest strong long addition. On option side 16,000 call options writing has been seen. For tomorrow, traders with stop loss 15,250 keep buy on dips view for target 15,550 or buy and accumulate 15,500 call options on decline with same stop loss in place.
India VIX active future last closed at 1766 with almost 34 points loss. In intraday NVIX hit high at 1806 while low was at 1766. Total 40 points intraday range and closed with loss on continues shorting. On futures, side -12.00% open interest cut suggests long unwinding. For tomorrow, below 1800 level keep short view in vix future.
Idea Cellular Limited stock closed at 133 with gain. In intraday stock hit high at 134 while low was near 132. For tomorrow, traders can buy this stock near 130-132 levels with strict stop loss 125 for targets 142.