Market forecast 16 April 2014
NIFTY April expiry future last closed at 6751 with 53 points loss. In Intraday NIFTY, future made high at 6900 while low was at 6735. Total almost 165 points intraday range and closed loss on strong profit booking. On futures side, -4.75% open interest cut suggest profit booking. On option side, 6700 put options writing was seen which is support on downside. For tomorrow, nifty future above 6700 will remain buy on dips for target 6840.
BANKNIFTY April expiry future last closed at 12,621 with loss of 285 points. In intraday BANK NIFTY, future hit high at 12,920 while low was at 12,575. Total 350 points intraday range and closed with loss. On futures, side -4.76% open interest cut shows profit booking. On option side 13,000 call options writing has been seen from hedgers. For tomorrow, banknifty outlook is bullish and above 12,500 keep buy on dips view.
India VIX current future last closed at 3188 with almost 62 points gain. In intraday NVIX hit high at 3192 while low was at 3100. Total 92 points intraday range and closed with gains on buying interest. On futures, side -46.36% open interest cut shows short covering. For tomorrow, 3140 is support and 3240 is resistance.
Maruti Suzuki India Limited stock closed at 1925 with loss. In intraday stock hit high at 1948 while low was near 1908. For tomorrow, traders can buy this stock near 1900-1910 level with strict stop loss 1870 for targets 2000-2050.