Indian stock market forecast, nifty future and options outlook, banknifty futures and options predictions, stock levels, technical analysis and share trading tips for 5 March 2014.
NIFTY March expiry future last closed at 6330 with 91 points gain. In Intraday NIFTY, future made low at 5620 while high was at 6340. Total almost 720 points intraday range and closed with gain as expected. Last session was on panic selling or a trap for short sellers. Today deep low of 5620 might be due to wrong punching. On futures side, +8.06% open interest build shows strong long addition. On option side, 6300 call options writing was seen which support on downside is for now. As given in last post, nifty future achieved 6280 and 6340. For tomorrow trail, stop loss at 6280 for target 6400+ on upside.
BANKNIFTY March expiry future last closed at 10,962 with gain of 305 points. In intraday BANK NIFTY, future hit high at 10,978 while low was at 10,656. Total 320 points intraday range and closed with gain. On futures side, +11.55% open interest build up shows strong long addition. On options side, fresh writing had seen at 11,000 call options contract which is strong resistance on upside. For tomorrow, 10,800 is trailing stop loss and 11,300 to 11,500 is next positional target zone.
India VIX current future last closed at 1510 with almost 60 points loss. In intraday NVIX hit high at 1571 while low was at 1508. Total 65 points intraday range and loss as market rallies.On futures side, +46.75% open rise shows strong rollover. For tomorrow, above 1480-1490 support zone keep buy on dips view and on upside target up to 1610 can be expected.
Ambuja Cements Limited stock closed at 168 with gain. In intraday stock hit high at 170 while low was near 166. For tomorrow, traders can buy this stock near 165 level with strict stop loss below 160 for target 175 and above.