Market report 6 June 2014
NIFTY June expiry future last closed at 7498 with 82 points gain. In Intraday NIFTY, future made high at 7498 while low was at 7376. Total almost 120 points intraday range and closed with gain on fresh buying and sharp short covering. On futures side, -7.10% open interest cut shows strong short covering. On option side, 7500 call options writing was seen which is upcoming resistance. For tomorrow, traders keep 7440 as trailing stop loss and expect target 7560.
BANKNIFTY June expiry future last closed at 15,330 with gain of 32 points. In intraday BANK NIFTY, future hit high at 15,390 while low was at 15,178. Total 200 points intraday range and closed with gain. On futures, side -0.28% open interest cut shows strong short covering. On option side 16,000 call options writing has been seen. For tomorrow, traders above 15,300 stay long and expect targets of 15,550 and above.
India VIX active future last closed at 1700 with almost 8 points gain. In intraday NVIX hit high at 1700 while low was at 1690. Total 10 points intraday range and closed with gain on sharp short covering. On futures, side 3750 open interest addition seen. For tomorrow, above 1695 stay long.
Ambuja Cements Limited stock closed at 230 with gain. In intraday stock hit high at 235 while low was near 228. For tomorrow, traders can buy this stock near 227-228 levels with strict stop loss 220 for targets 245.