Market forecast 16 oct 2014

Market forecast 16 oct 2014

NIFTY Oct. expiry future last closed at 7903 with 9 points loss. In Intraday NIFTY, future made high at 7952 while low was at 7845. Total almost 105 points intraday range and closed with loss. On futures side, -0.73% open interest cut suggest profit booking. On option side, 8000 call options writing was seen which is strong resistance. On 15 Oct, market will remain closed on Election Day. On Thursday, above 7810 expect bounce back up to 7950-7995, which will be best level to go short once again.

BANKNIFTY Oct. expiry future last closed at 15,801 with gain of 90 points. In intraday BANK NIFTY, future hit high at 15,899 while low was at 15,575. Total 300 points intraday range and closed with gain. On futures, side -2.21% open interest build up suggest short covering. On option side 16,000 call options writing has been seen. For Thursday, expect higher level up to 16k.

India VIX active future last closed at 1458 with almost 9 points gain. In intraday NVIX hit high at 1462 while low was at 1425. Total 37 points intraday range and closed with gain. On futures, side -8.33% open interest cut seen. For Thursday, buy near 1400 with stop loss in place.

IDFC Limited stock closed at 139 with loss. In intraday stock hit high at 141 while low was near 138. For Thursday, traders can buy this stock near 137 levels with strict stop loss 134 for targets 144.

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Pramod Baviskar

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