Market technicals for 27 oct 2014
NIFTY Oct. expiry future last closed at 8026 with 12 points gain. In Intraday NIFTY, future made high at 8039 while low was at 8014. Total almost 25 points intraday range and closed with gain. On futures side, -0.86% open interest cut suggest short covering. On option side, 8000 call options writing was seen which is strong support on downside. For Monday, stay long with stop loss below 7990 for upside targets of 8080 to 8150. Option traders can hold 7900 call options with strict stop loss in place.
BANKNIFTY Oct. expiry future last closed at 16,485 with gain of 6 points. In intraday BANK NIFTY, future hit high at 16,555 while low was at 16470. Total 80 points intraday range and closed with gain. On futures, sides +1.53% open interest build up suggest strong long addition. On option side 16,500 call options writing has been seen. For Monday above 16200, keep buy on dips view.
India VIX active future last closed at 1460 with no trading activity.
ICICI Bank Limited stock closed at 1570 with loss. In intraday stock hit high at 1582 while low was near 1569. For Monday, traders can sell this stock near 1580 levels with strict stop loss 1592 for targets 1550.