Post poll market strategy for 13 May 2014
NIFTY May expiry future last closed at 7050 with 164 points gain. In Intraday NIFTY, future made high at 7052 while low was at 6911. Total almost 150 points intraday range and closed with gains on strong speculative buying as well as sharp short covering by trapped traders. On futures side, +2.98% open interest build up suggest strong long addition. On option side, 7500 call options writing was seen which is upcoming resistance. For tomorrow traders expect high volatile moves but mood remain bullish so with strict stop loss below 6990 keep long view for target 7110-7150.
BANKNIFTY May expiry future last closed at 14,202 with gain of 365 points. In intraday BANK NIFTY, future hit high at 14,260 while low was at 13,900. Total 360 points intraday range and closed with gain. On futures, side -7.39% open interest shed shows strong short covering. On option side 14,500 call options writing has been seen. For tomorrow, traders above 13,900 keep buying view for target 14,500 and then 14,850.
India VIX active future last closed at 3540 with almost 209 points loss. In intraday NVIX hit high at 3850 while low was at 3540. Total 310 points intraday range and closed with loss on sharp profit booking. On futures, side -37.11% open interest cut seen. For tomorrow, expect high volatility and above 3400 keep long view.
HCL Technologies Limited stock closed at 1396 with gain. In intraday stock hit high at 1401 while low was near 1342. For tomorrow, traders can buy this stock near 1380-1390 levels with strict stop loss 1360 for targets 1500.