Nifty June future today closed at 8355 with gains of 118 points or almost 1.5% intraday Bull Run. As expect nifty has crossed 8310 spot resistance and closed above it with strong price action as well as volume. Today nifty low was at 8251 while high was at 8375. Total 125 points intraday range seen. For tomorrow above 8310 spot keep long view and expect targets at 8420 to 8465. Today 14% drop in open interest also suggest short covering rally ahead of expiry. Option side 8400 call option writing seen.
Bank nifty future today closed at 18340 with gains of 470 points rally or 2.63%. Bank nifty also given breakout above 18240 which is strong bullish sign for short to medium term traders and investors. On open interest 5% cut suggest strong short covering. Option side, 18500 call option writing continues. For tomorrow 18240 spot is support and stop loss for all longs must remain below it. On upside expect targets at 18580 to 18880.
In nifty 50, PNB rallies 6% followed by AXISBANK which closed with 4% gains. On losers side BHARTIARTL sees profit booking at highs while LUPIN closed flat negative. In F&O market, IBREALEST and JPPOWER are top gainers and BHARTIARTL and DIVISLAB are top losers.
For tomorrow free stock tips will be HINDALCO.
Buy near 120 with stop loss 177 for intraday target 127 to 128.