Indian stock market outlook 7 May 2014
Nifty future prediction for 7 may 2014
NIFTY May expiry future last closed at 6748 with 12 points gain. In Intraday NIFTY, future made high at 6775 while low was at 6726. Total almost 50 points intraday range and closed with gains on some buying. On futures side, -1.87% open interest cut shows short covering. On option side, 7000 call options writing was seen which is upcoming resistance. For tomorrow traders above 6with stop loss below 6700 keep long view for target 6840.
Bank Nifty future prediction for 7 may 2014
BANKNIFTY May expiry future last closed at 13,066 with gain of 93 points. In intraday BANK NIFTY, future hit high at 13,098 while low was at 13,000. Total 98 points intraday range and closed with gain. On futures, side +4.86% open interest build up suggest long addition. On option side 13,500 call options writing has been seen. For tomorrow, 13,200 is strong resistance for future if close above it then expect 13,550 to 14k targets in next 1-2 weeks.
VIX future prediction for 7 may 2014
India VIX active future last closed at 3400 with almost 115 points loss. In intraday NVIX hit high at 3500 while low was at 3399. Total 101 points intraday range and closed with loss on buying sharp profit booking. On futures, side +24.71% open interest addition seen. For tomorrow, follow buy on dips view with stop loss below 3340 and for target 3500.
Stock prediction for 7 may 2014
Power Grid Corporation of India Limited stock closed at 102.15 with loss. In intraday stock hit high at 105 while low was near 102. For tomorrow, traders can sell this stock near 103 levels with strict stop loss 106 for targets 98.