• Nifty July 2017 futures closed at 9624.05 on Tuesday at a premium of 10.75 points over spot closing of 9613.30.
• Call writing was seen at 9500 & 9700 strikes, put writing was seen at 9400 strike.
• Maximum positions are at 9700 CE and 9400 PE. Nifty is expected to trade in the range of 9350-9700.
• ICICIPRULI (133%), NATIONALALUM (34%), SRTRANSFIN (20%), CHENNPETRO (17%) and
MANAPPURAM (17%) were the top open interest gainers in the market.
• TATACHEM (-6%), VOLTAS (-6%), APOLLOTYRE (-6%), TORNTPOWER (-4%) and JPASSOCIAT (-4%) were the top open interest losers in the market.
• The Nifty Put Call Ratio (PCR) finally stood at 1.17 for July month contract.
• Around 4.68 lakh shares were added in open interest with increase in price indicating long-buildup was observed by market participants in today’s trade.
• On the options front volatility index has increased in today’s trade by around 1%.
Derivative Idea
Amaraja Batteries added around 14% of open interest as Long positions. On Daily charts, Amaraja Batteries has given symmetrical triangle breakout at 860 level with increase in volumes too.
Current chart pattern and derivatives data suggest that we expect further rally in coming sessions.
Trading Recommendations
Buy Amaraja Battery (July) Future above 865 Stop loss 840 Target 880—900++
More will update soon!!
