Market forecast 11 April 2014
NIFTY April expiry future last closed at 6812 with 23 points loss. In Intraday NIFTY, future made high at 6861 while low was at 6810. Total almost 51 points intraday range and closed loss on profit booking. On futures side, -5.33% open interest shed suggest profit booking. On option side, 6900 call options writing was seen which is upcoming resistance. For tomorrow, nifty future below 6840 may remain under pressure.
BANKNIFTY April expiry future last closed at 12,950 with loss of 78 points. In intraday BANK NIFTY, future hit high at 13,142 while low was at 12,936. Total 200 points intraday range and closed with loss. On futures, side -2.43% open interest shed suggest profit booking. On option side 13,500 call options writing has been seen from hedgers. For tomorrow, bank nifty future below 13k may face supply from market.
India VIX current future last closed at 3150 with almost 208 points gain. In intraday NVIX hit high at 3224 while low was at 2980. Total 250 points intraday range and closed with gains on buying interest. On futures, side -11.41% open interest cut shows short covering. For tomorrow, 3100 is support and 3240 is resistance.
Reliance Industries Limited stock closed at 969 with gain. In intraday stock hit high at 974 while low was near 962. For tomorrow, traders can sell this stock near 972-974 level with strict stop loss 984 for target 940.