Markets strategy for 3 June 2014

Markets strategy 3 Jun 2014

Markets strategy for 3 June 2014

 

NIFTY June expiry future last closed at 7370 with 138 points gains. In Intraday NIFTY, future made high at 7380 while low was at 7239. Total almost 140 points intraday range and closed with gain on strong hands fresh buying. On futures side, -1.13% open interest cut shows strong short covering. On option side, 7400 call options writing was seen which is upcoming resistance. For tomorrow traders keep nifty long, open with trailing stop loss at 7320 for target 7425-7460. or buy nifty 7300 call options on dips for intraday.

 

BANKNIFTY June expiry future last closed at 15,256 with gain of 500 points. In intraday BANK NIFTY, future hit high at 15,316 while low was at 14,707. Total 600 points intraday range and closed with gain. On futures, side -4.47% open interest cut shows strong short covering from trapped shorts. On option side 14,000 put options writing has been seen. For tomorrow, traders above 15,050 keep long view for target 15,400 to 15,540. or buy banknifty 15300 call options on dips for intraday.

 

India VIX active future last closed at 1675 with almost 58 points loss. In intraday NVIX hit high at 1700 while low was at 1675. Total 25 points intraday range and closed with loss with fresh short addition. On futures, side 12,750 open interest addition seen. For tomorrow, below 1690 stay short for intraday.

 

Coal India Limited stock closed at 373 with gain. In intraday stock hit high at 376 while low was near 366. For tomorrow, traders can buy this stock near 370 levels with strict stop loss 360 for targets 390-395.

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