Indian stock market forecast, nifty future and options outlook, banknifty futures and options predictions, stock levels, technical analysis and share trading tips for 6 March 2014.
NIFTY March expiry future last closed at 6347 with 14 points gain. In Intraday NIFTY, future made high at 6361 while low was at 6306. Total almost 55 points intraday range and closed gain on follow up buying. On futures side, +5.74% open interest build up suggest long accumulation. On option side, 6300 put options writing was seen which support on downside is for now. Nifty future slowly inching towards targets of 6400-6425 zone and traders above 6300 must keep buy on dips trading view.
BANKNIFTY March expiry future last closed at 11,100 with gain of 138 points. In intraday BANK NIFTY, future hit high at 10,150 while low was at 10,890. Total 260 points intraday range and closed with gain. On futures side+10.4% open interest build up suggest heavy long addition today with breakout on chart. On option side, 11,000 call option writing has been seen. For tomorrow, banknifty outlook is bullish and above 11k, level traders can expect 11,300 and then 11,500 as target zones.
India VIX current future last closed at 1492 with almost 19 points loss. In intraday NVIX hit high at 1536 while low was at 1490. Total 46 points intraday range and profit booking as equities rallies. On futures side+46% open interest build up suggest long addition by hedgers. For tomorrow, 1480 is support but as market inching at high traders below 1550 keep sell on rise view for now.
Hindustan Unilever Limited stock closed at 552 with loss. In intraday stock hit high at 559 while low was near 549. For tomorrow, traders can buy this stock near 548-550 level with strict stop loss below 538 for target 565 and above.