Market forecast for 7 March 2014

Indian stock market forecast, nifty future and options outlook, banknifty futures and options predictions, stock levels, technical analysis and share trading tips for 7 March 2014.

Market forecast for 7 March 2014

NIFTY March expiry future last closed at 6431 with 80 points gain. In Intraday NIFTY, future made high at 6437 while low was at 6358. Total almost 90 points intraday range and closed gain on fresh long-term breakout.

On futures side, +2.83% open interest build up suggest long accumulation. On option side, 6400 call options writing was seen so keep strict stop loss for long positions.

My given targets of 6380 and 6425 both achieved and nifty future closed above them. Now expect some correction and consolidation but above 6380 overall momentum remains on buy side.

 

BANKNIFTY March expiry future last closed at 11,302 with gain of 184 points. In intraday BANK NIFTY, future hit high at 10,340 while low was at 11,105. Total 325 points intraday range and closed with gain.

On futures side+6.44% open interest build up suggest heavy long addition today with breakout on chart. On option side, 11,500-call option writing has been seen which is next target as well as strong resistance.

For tomorrow, banknifty future support is at 11,300 for target will be at 11,500.

 

India VIX current future last closed at 1503 with almost 6 points gain. In intraday NVIX hit high at 1522 while low was at 1452. Total 70 points intraday range and closed with gains, as investors stay cautious.

On futures side+10.3% open interest build up suggest long addition by hedgers. For tomorrow, 1480 is support and 1530 is resistance zone for VIX future.

 

ITC Limited stock closed at 335 with gain. In intraday stock hit high at 335 while low was near 330. For tomorrow, traders can sell this stock near 338 levels with strict stop loss at 343 for target 328.

The Author

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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