The market settled lower on Friday as banking stocks dipped after the government notified the Banking Regulation (Amendment) Ordinance, 2017, while a drop in crude prices dragged down oil explorers such as ONGC and Oil India. The Sensex ended at 29,858, down 267 points, while the broader Nifty closed at 9,285, down 75 points. The Nifty50 index reversed course seconds after hitting its fresh all-time high of 9,367 in early trade.
India VIX, essentially a fear gauge, closed the day at 11.98, rising over 5% from the previous close.The government notified the Banking Regulation (Amendment) Ordinance 2017, kick-starting a new framework to deal with Rs 6 lakh crore worth of non-performing assets in the Indian banking system. OI increase w.r.t increase in price was seen in RECLTD and increase in OI w.r.t Decrease in price was seen in VEDL.
Nifty Future Tips For Tomorrow: 8th May
Buy CEATLTD Future above 1600 Targets 1606, 1612, 1618 Stop loss 1588.
Sell JSWSTEEL Future below 189.5 Targets 188, 186.5, 185 Stop loss 192.5
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