The market closed rangebound session with moderate gains on Thursday but the trading turnover was highest ever at Rs 14.1 lakh crore on the expiry of June derivative contracts. Investors maintained cautious stance ahead of the implementation of Goods and Services Tax (GST) from July 1.
The 50-share NSE Nifty opened on a strong note, hitting intraday high of 9,575.80 following positive Asian cues but turned volatile in afternoon session due to F&O expiry, wherein traders rolled over F&O positions from current month series to the next month series.
The index managed to hold 9,500 level, ending 12.85 points higher at 9,504.10 after negative close for 6 straight sessions, but closed the (June) F&O series on lower note for the first time in last consecutive seven series, down 5.65 points.
According to experts, traders can safely assume that as long as 9,470 holds on the Nifty, positive momentum is likely to continue while a close above 9,600-9,615 would resume the uptrend.
On the options front, maximum Put OI for the July series was seen at strike prices 9,400 followed by 9,500 while maximum Call OI was seen at strike prices 9,700 followed by 9,800 strike.
The 30-share BSE Sensex rallied as much as 264 points in morning trade but failed to hold those gains due to profit booking in afternoon session. Finally it settled at 30,857.52, up 23.20 points from previous close.