Market forecast 17 April 2014

Market forecast 17 April 2014

Market forecast 17 April 2014

NIFTY April expiry future last closed at 6695 with 60 points loss. In Intraday NIFTY, future made high at 6780 while low was at 6688. Total almost 90 points intraday range and closed loss with another profit booking session. On futures side, +7.03% open interest build up suggest fresh shorts addition. On option side, 6700 put options writing was seen which is upcoming resistance. For nifty spot is now heading towards 1 month average support of 6635. If gives closing below it means deep downside correction up to 6450 and if sustain above it then may resumed rally for new high.

 

BANKNIFTY April expiry future last closed at 12,610 with loss of 7 points. In intraday BANK NIFTY, future hit high at 12,768 while low was at 12,550. Total 225 points intraday range and closed with loss. On futures, side +1.39% open interest build up suggest short addition. On option side 13,500 call options writing has been seen from hedgers. For tomorrow, bank nifty future above 12,400 will remain buy on dips.

 

India VIX current future last closed at 3542 with almost 59 points loss. In intraday NVIX hit high at 3614 while low was at 3530. Total 90 points intraday range and closed with loss on profit booking. On futures, side -7.42% open interest cut shows profit booking. For tomorrow, high volatility is expected and above 3500 keep buy on dips view.

 

ICICI Bank Limited stock closed at 1219 with gain. In intraday stock hit high at 1237 while low was near 1212. For tomorrow, traders can buy this stock near 1200-1210 level with strict stop loss 1180 for targets 1265.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.

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