Premarket nifty analysis 6 May 2014
NIFTY May expiry future last closed at 6731 with 5 points gain. In Intraday NIFTY, future made high at 6778 while low was at 6711. Total almost 67 points intraday range and closed with gains on some buying. On futures side, +2.25% open interest build up suggest some long addition. On option side, 7200 call options writing was seen which is upcoming resistance. For tomorrow traders above 6690 spot stay long in nifty future for targets 6750 and then 6840. Below 6690 will be sell signal on closing basis.
BANKNIFTY May expiry future last closed at 12,983 with gain of 49 points. In intraday BANK NIFTY, future hit high at 13,086 while low was at 12,857. Total 250 points intraday range and closed with gain. On futures, side +4.2% open interest build up suggest long addition. On option side 13,500 call options writing has been seen. For tomorrow, 13,200 is strong resistance for future if close above it then expect 13,550 to 14k targets in next 1-2 weeks.
India VIX active future last closed at 3511 with almost 75 points gain. In intraday NVIX hit high at 3560 while low was at 3488. Total 72 points intraday range and closed with gains on buying interest. On futures, side +10.13% open interest addition seen. For tomorrow, buy near 3500 with stop loss 3460 for target 3640.
Sesa Sterlite Limited stock closed at 180 with loss. In intraday stock hit high at 183 while low was near 178. For tomorrow, traders can buy this stock near 178 levels with strict stop loss 173 for targets 190.