Market report 24 June 2014
NIFTY June expiry future last closed at 7508 with 18 points loss. In Intraday NIFTY, future made high at 7550 while low was at 7464. Total almost 90 points intraday range and closed with loss with small profit booking. On futures side, -2.94% open interest cut shows profit booking. On option side, 7600 call options writing was seen which is upcoming resistance. Today we had seen positive opening but prices once again tumbled on sharp profit booking volume on Iraq concern. Nevertheless, as market is showing resilience to news flow expect sharp short covering ahead, with strict stop loss below 7450, keep buy, accumulate view for nifty future, and expect 7600+ until expiry.
BANKNIFTY June expiry future last closed at 15,133 with gain of 80 points. In intraday BANK NIFTY, future hit high at 15,200 while low was at 14,970. Total 230 points intraday range and closed with gain. On futures, side -3.48% open interest build up suggest strong long addition. On option side 15,000 call options writing has been seen. Here keep buy and accumulate view with strict stop loss below 14,800 for target 15,300 to 15,500 in upcoming sessions.
India VIX active future last closed at 2080 with almost 54 points gain. In intraday NVIX hit high at 2079 while low was at 2035. Total 45 points intraday range and closed with gain on sharp short covering. On futures, side +37.50% open interest addition seen. For tomorrow, watch 2050-support zone closely.
State Bank of India stock closed at 2598 with gain. In intraday stock hit high at 2625 while low was near 2567. For tomorrow, traders can buy this stock near 2580-2590 levels with strict stop loss 2550 for targets 2680-2700.