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Monday, 2 June 2014

Nifty analysis forecast for 3 June 2014 - 2 June 2014

Nifty analysis for 2 JUNE 2014

Nifty zoomed on the back of strong LT and closed 132 points higher. LT closed 6.5% higher at 1646. In our last report we mentioned about Nifty taking out 7250 and it did take out 7250 but it went further up which we didn't expect. Now Nifty is heading for 7450 which is the likely target and probably the highest point for this series.

BankNifty closed 493 points higher and IT remained flat with 11 points gain. All sectors closed in red except FMCG, Media and Pharma. PSU Banks closed 4.5% higher and FMCG closed 0.8% lower. 

SBI rose sharply by 4% to close at 2651 and rest all other PSU Banks like VijayaBank, DenaBank, AndhraBank all posted gains of 4% plus.

This 132 points gain came on the back of mere 234.49 Cr FII buying. On Friday 30th May 2014, FII bought more than 2K Cr and Nifty remained under pressure and today with just 234Cr buying it went up 132 points. 

FII trading activity on NSE,BSE and MCX-SX in Capital Market Segment(In Rs. Crores)
Category Date Buy Value Sell Value Net Value
FII 2-June-2014 3418.273183.78234.49
DII 2-June-2014 1478.471627.28-148.81

At derivative front, Index futures saw 317 Cr buying and stock futures saw mere 23.9 Cr buying. Nifty futures OI decreased by 1.13% and premium rises to 8 points which is still below normal. Some short covering must be done in Nifty futures.



JUNE 2014 SERIES TURNOVER ( Cr )
INDEX FUTURES 529.59
INDEX OPTIONS 1546.53
STOCK FUTURES -815.94
STOCK OPTIONS 35.25


FII DERIVATIVES STATISTICS FOR -JUNE-2014
BUY SELL OPEN INTEREST AT THE END OF THE DAY
No. of contracts Amt in Crores No. of contracts Amt in Crores No. of contracts Amt in Crores
INDEX FUTURES
49657
1829.22
40997
1511.26
286723
10636.41
INDEX OPTIONS
276675
10186.39
243969
8950.39
1292062
47620.31
STOCK FUTURES
89032
3312.06
91235
3288.08
1460698
52161.52
STOCK OPTIONS
47668
1797.16
48806
1832.98
43107
1592.54

Highlight of the day

ITC falls 1.5% to close at 336.65.
Nifty 132 points gain with backing of only 234 Cr FII buying.

Stock ideas update

RENUKA closed flat at 24.85 and continues to remain in buying zone. As long as it trades above 24 it will remain in buying zone. Below 24 one can accumulate it.
http://nifty-multibagger-stocks.tracknifty.com/2014/01/multibagger-call-buy-renuka-19-january.html

Trade update

We took short position today which stopped out today itself.
http://nifty-trade.tracknifty.com/2014/06/nse-nifty-june-2014-series-trade-3.html

Total booked profit (F&O) for June 2014 series : -23points

Our Natural Gas trade continues to do well.

Nifty forecast for 3 JUNE 2014

Nifty is likely to trade with bullish bias until credit policy is announced and fall after wards. 

Advice for traders

Sell Nifty just before credit policy is announced with 30 points stop loss and 30 points target. A fall towards 7321 - 7343 is very much likely. 7446 is very strong resistance and Nifty should turn from there.

Anjum S Khan
admin@tracknifty.com
Admin/Analyst
TrackNifty.com