Market report for 8 July 2014
NIFTY July expiry future last closed at 7797 with 15 points gain. In Intraday NIFTY, future made high at 7812 while low was at 7760. Total almost 52 points intraday range and closed gain on follow up buying. On futures side, -0.58% open interest cut shows profit booking. On option side, 8000 call options writing was seen which is upcoming resistance. For tomorrow, traders keep stop loss below 7720 and follow buy on dips view for target 7850 or buy nifty 7800 call option with same stop loss on decline.
BANKNIFTY July expiry future last closed at 15,466 with loss of 221 points. In intraday BANK NIFTY, future hit high at 15,725 while low was at 15,455. Total 300 points intraday range and closed with loss. On futures, side +2.39% open interest build up suggest strong short addition. On option side 16,000 call options writing has been seen. For tomorrow, traders above 15,200 keep buy on dips view for bank nifty for target 15,600.
India VIX active future last closed at 1706 with almost 21 points gain. In intraday NVIX hit high at 1720 while low was at 1700. Total 20 points intraday range and closed with gain on sharp short covering. On futures, side +16.13% open interest addition seen. For tomorrow, below 1700 level keep short view in vix future.
Cairn India Limited stock closed at 363 with loss. In intraday stock hit high at 368 while low was near 360. For tomorrow, traders can sell this stock near 365-366 levels with strict stop loss 373 for targets 340.