stock market outlook for tomorrow
Nifty Aug future today closed at 8544 with loss of 18 points. In intraday, nifty future hit high around 8577 while low was at 8450. Total 140 points intraday range and closed with flat loss on profit booking. 5% drop in open interest suggest profit booking by strong hands in intraday. Option side, writers are now active at nifty 8600 call options. For tomorrow with stop loss below 8500 keep buy on dips view for targets 8605 and then 8750.
Banknifty Aug future today closed at 19080 with gain of 120 points. In intraday, banknifty future hit high around 19139 while low was at 18810. Total 350 points intraday range and closed with gain with strong outperformance. 2% plus open interest suggest accumulation continues for banknifty. Option side, banknifty 19500 call option writing continues and remain as strong resistance. For tomorrow, banknifty targets will be 19225 and then 19400 with stop los below 18800.
In nifty 50, BANKBARODA and TATA STEEL rallied by 3-4% while IDEA and CAIRN lost 3-4%. In F&O, ADANIENT and UNIONBANK rallied by 11-12% while SUNTV and UNITECH lost 3-5%. In buzzing stocks, SHILPAMED and STCINDIA locked to 20% circuit.
For tomorrow free intraday tips is for AXISBANK. Buy AXISBANK stock around 575 with stop loss 565 for target 600+.