Market report 9 July 2014
NIFTY July expiry future last closed at 7630 with 168 points loss. In Intraday NIFTY, future made high at 7820 while low was at 7620. Total almost 200 points intraday range and closed with loss with panic selling. On futures side, -4.48% open interest cut shows profit booking by investors as well as fresh strong selling. On option side, 8000 call options writing was seen which is upcoming resistance. Nifty tried to touch 7850 but sold off by budget trigger. Technically trading in oversold zone with bearish momentum but expect sharp short covering ahead. 7550 is important level and stop loss for reversal long positions.
BANKNIFTY July expiry future last closed at 14,990 with loss of 486 points. In intraday BANK NIFTY, future hit high at 15,550 while low was at 14,973. Total 600 points intraday range and closed with loss. On futures, side +1.51% open interest build up suggest strong short positions. On option side 16,000 call options writing has been seen. For tomorrow, traders watch 14,800 support level, any reversal above it means buying opportunity as index future is in oversold state.
India VIX active future last closed at 1918 with almost 29 points loss. In intraday NVIX hit high at 1980 while low was at 1908. Total 72 points intraday range and closed with loss. On futures, side +28.3% open interest addition seen. For tomorrow, below 2000 level keep short view in vix future.
Hindustan Unilever Limited stock closed at 624 with loss. In intraday stock hit high at 633 while low was near 622. For tomorrow, traders can buy this stock near 620-622levels with strict stop loss 614 for targets 645.