Market forecast 10 April 2014
NIFTY April expiry future last closed at 6842 with 106 points gain. In Intraday NIFTY, future made high at 6847 while low was at 6748. Total almost 100 points intraday range and closed gain with fresh medium term breakout. On futures side, +9.01% open interest build up suggest long addition. On option side, 6800 call options writing was seen which is now support on downside. From medium term view 6770 is now major support and watch is on weekly closing basis. Nifty now opened target of 7125 and above 6770 keep long view but with strict stop loss. High volatility is expected ahead.
BANKNIFTY April expiry future last closed at 13,035 with gain of 422 points. In intraday BANK NIFTY, future hit high at 13,040 while low was at 12,626. Total 450 points intraday range and closed with gain. On futures, side +14.79% open interest build up suggest strong long addition. On option side 13,000 call options writing has been seen from hedgers. For medium terms 12,900 is now support on spot index and bank nifty has heading towards 13,500.
India VIX current future last closed at 3350 with almost 86 points gain. In intraday NVIX hit high at 3350 while low was at 3261. Total 90 points intraday range and closed with gains on buying interest. On futures, side +48.62% open interest build ups shows long addition. For tomorrow, 3300 is support and 3420 is resistance.
Jindal Steel & Power Limited stock closed at 284.5 with gain. In intraday stock hit high at 286 while low was near 281. For tomorrow, traders can buy this stock near 280-282 level with strict stop loss 277 for target 295.