Indian stock market forecast, nifty future and options outlook, banknifty futures and options predictions, stock levels, technical analysis and share trading tips for 4 March 2014.
NIFTY March expiry future last closed at 6235 with 55 points loss. In Intraday NIFTY, future made low at 6293 while high was at 6228. Total almost 65 points intraday range and closed with loss on Ukraine crisis.
On futures side, -1.84% open interest cut shows traders taking profits off the table. On option side, 6200 put options writing was seen which support on downside is for now.
Nifty future given upside today but panic selling on Ukraine news hit the market. For tomorrow, traders above 6200 keep long view for market for upside targets of 6280 to 6340.
BANKNIFTY March expiry future last closed at 10,640 with loss of 142 points. In intraday BANK NIFTY, future hit high at 10,864 while low was at 10,611. Total 250 points intraday range and closed with loss.
On futures side, -6.92% open interest cut shows heavy profit booking had hit the market today. On options side, fresh writing had seen at 11,000 call options contract. Traders above 10,400 keep buy on dips view here for upside targets of 10,650 to 10,780.
India VIX current future last closed at 1531 with almost 71 points gain. In intraday NVIX hit high at 1543 while low was at 1461. Total 82 points intraday range and huge gains as market tumbles.
On futures side, -23% open interest cut shows sharp short covering by trapped traders and investors. For tomorrow, above 1480-1490 support zone keep buy on dips view and on upside target up to 1610 can be expected.
HCL Technologies Limited stock closed at 1503 with loss. In intraday stock hit high at 1576 while low was near 1491. For tomorrow, traders can buy this stock near 1490 level with strict stop loss below 1470 for target 1550 and above.