Market report for 7 July 2014
NIFTY July expiry future last closed at 7790 with 54 points gain. In Intraday NIFTY, future made high at 7792 while low was at 7676. Total almost 115 points intraday range and closed with loss gain on strong fresh continuation of primary trend. On futures side, -0.54 % open interest cut shows trapped short covering. On option side, 8000 call options writing was seen which is upcoming resistance. For Monday, traders with stop loss below 7750 keep long view for nifty future for target 7850 and then 7910. For option traders 7700 call option on decline will be best bet but with strict risk based stop loss in place.
BANKNIFTY July expiry future last closed at 15,672 with gain of 123 points. In intraday BANK NIFTY, future hit high at 15,715 while low was at 15,390. Total 350 points intraday range and closed with gain. On futures, side +5.34% open interest build up suggest strong long addition. On option side 16,000 call options writing has been seen. For Monday, traders can expect 16k on chart with strict stop loss below 15,550. For option traders 16k option will be best buying option with strict stop loss in place.
India VIX active future last closed at 1860 with almost 20 points gain. In intraday NVIX hit high at 1865 while low was at 1851. Total 14 points intraday range and closed with gain on sharp short covering. On futures, side 39,000 open interest addition seen. For Monday below 19k, keep sell on rise strategy.
ICICI Bank Limited stock closed at 1459 with gain. In intraday stock hit high at 1467 while low was near 1435. For Monday, traders can buy this stock near 1450-1440 levels with strict stop loss 1420 for targets 1530-1550.