Pre budget market view for 10 July 2014
NIFTY July expiry future last closed at 7591 with 58 points loss. In Intraday NIFTY, future made high at 7670 while low was at 7570. Total almost 100 points intraday range and closed with loss with continues profit booking. On futures side, -0.73% open interest cut shows profit booking. On option side, 8000 call options writing was seen which is upcoming resistance. As expected we seen bounce back but strong hand profit booking pressure resumed short-term downtrend. For tomorrow, expect high volatility and hard time for traders. Downside momentum may continue and nifty might shows 7500 to 7440 levels on downside. If sustain above 7640 then that will be short exit signal.
BANKNIFTY July expiry future last closed at 14,996 with loss of 95 points. In intraday BANK NIFTY, future hit high at 15,195 while low was at 14,912. Total 300 points intraday range and closed with loss. On futures, side -0.78% open interest build up suggest strong short addition. On option side 16,000 call options writing has been seen. For tomorrow, traders watch 14,700-14,800 support zone if closed below it means deep downside for banknifty while if sustain above it means reversal signal for buyers. Expect high volatility in intraday.
India VIX active future last closed at 1636 with almost 74 points loss. In intraday NVIX hit high at 1735 while low was at 1636. Total 100 points intraday range and closed with loss. On futures, side -2.5% open interest cut seen. For tomorrow, below 1700 level keep short view in vix future.
DLF Limited stock closed at 203 with loss. In intraday stock hit high at 208 while low was near 199. For tomorrow, traders can buy this stock near 200 levels with strict stop loss 195 for targets 212 to 215.