Market view for 7 Oct 2014
NIFTY Oct. expiry future last closed at 7982 with 17 points loss. In Intraday NIFTY, future made high at 8015 while low was at 7971. Total almost 45 points intraday range and closed with loss. On futures side, -0.4% open interest build up suggest profit booking. On option side, 7900 put options writing was seen which is strong support on downside. As market going for long holiday and in between world market effects will accumulate in investors mind. On Tuesday, nifty above 7900 will remain buy and accumulate for target 8050 and above. Option traders can use buy on dips strategy for 7900 call options.
BANKNIFTY Oct. expiry future last closed at 15,375 with loss of 100 points. In intraday BANK NIFTY, future hit high at 15,480 while low was at 15,353. Total 150 points intraday range and closed with loss. On futures, side -1.07% open interest cut suggest profit booking. On option side 16,000 call options writing has been seen. For Tuesday, above 15k keep buy on dips view for upside targets of 15,650 and above. Option traders use same view for 15k call options with strict stop loss in place.
India VIX active future last closed at 1350 with almost 7 points loss. In intraday NVIX hit high at 1380 while low was at 1350. Total 30 points intraday range and closed with loss. On futures, side +150% open interest addition seen. For Tuesday below 1400, keep short view.
Coal India Limited stock closed at 343 with gain. In intraday stock hit high at 347 while low was near 341. For Monday, traders can buy this stock near 338-340 levels with strict stop loss 335 for targets 352.