Market October series outlook 26 sep 2014

Market October series outlook 26 sep 2014

NIFTY Oct. expiry future last closed at 7987 with 76 points loss. In Intraday NIFTY, future made high at 8071 while low was at 7940. Total almost 130 points intraday range and closed with loss. On futures side, +27.76% open interest build up suggest short rollover. On option side, 8000 call options writing was seen which is strong support on downside. For tomorrow, traders keep short view with stop loss 8020 for downside target 7950 and then 7900. For Oct series, until end of Sep 2014 expect 7800 on spot nifty and consolidation near it. Next major move will happen around 7800.

BANKNIFTY Oct. expiry future last closed at 15,502 with loss of 373 points. In intraday BANK NIFTY, future hit high at 15860 while low was at 15,350. Total 500 points intraday range and closed with loss. On futures, side +64.96% open interest build up suggest strong short rollover. On option side 15,400 put options writing has been seen. For tomorrow, below 15,400 go short with stop loss 15,650 for target 15,200 to 15,000.

India VIX active future last closed at 1262 with 12 points gain. In intraday NVIX hit high at 1262 while low was at 1220. Total 42 points intraday range and closed with gain. On futures, side –40% open interest cut seen. For tomorrow, stay long with stop loss 1200.

Power Grid Corporation of India Limited stock closed at 136 with gain. In intraday stock hit high at 137 while low was near 135. For tomorrow sell POWERGRID stock around 137-138 with stop loss 141 for target 130 for intraday.

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Pramod Baviskar

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