May Derivative closed weak, Option updates

Stock Future TipsThe market closing on the last day of May derivatives series due to selling pressure in financials and pharma shares. The weakness in most Asian markets, muted corporate earnings and growing prospects that the Federal Reserve may raise interest rates led to cautiousness on the Street.

The tepid close, however, masked the intra-day volatility that resulted from F&O roll-over pressures. The Sensex oscillated in a range of around 300 points before ending at 27,506, lower by 58 points or 0.2% and Nifty settled at 8,319, down 16 points.

Highest Open Interest was seen in 8300 and 8400 Call Option looking as a resistance level for nifty and in the down side highest open interest was seen in 8100 and 8200 put looking as a major support level for Nifty.

GAIL: Profit decreased 15.5%, SENSEX closed at 27565, Stocks for Investment

In fourth quareter of fiscal year 2015 GAIL profit decreased 15.5% to Rs 511 crore, and income decreased 4.7% to Rs 14271 crore.

SENSEX and Nifty recovered from lower level, SENSEX closed at 27565. At MCX Gold and Silver Commodities are trading flat, Crude oil price rose, Base Metals are trading weak. According to Brokers poll, 41% brokers expect Nifty May future expiry between 8300-8350.

Stocks for investment

Axis Bank, Kotak Mahindra, Yes Bank, Central Bank, IRB infra.