Market forecast 21 January 2014

Market forecast 21 January 2014

NIFTY Jan. expiry future last closed at 6318 with 56 points gain. In Intraday NIFTY, future made low at 6248 while high was at 6332. Total almost 84 points intraday range and closed with gain.

On futures side, -5.47% open interest shed suggest short covering that why sharp run seen today. On option side, 6200 put option is support for market.

For tomorrow, traders can buy nifty on correction with strict stop loss of 6260 for intraday and expect upside target of 6350-6380.

BANKNIFTY Jan. expiry future last closed at 11,045 with gain of 172 points. In intraday BANK NIFTY, future hit high at 11,056 while low was at 10,875. Total 200 points intraday range and closed with gain.

On futures side, -6.96% open interest cut suggesting sharp short covering. On option side, put writers shifted from 10,500 to 10,800 suggesting strength in market.

For tomorrow, traders can buy bank nifty future near 11,000 levels with stop loss below 10,800 for target 11,250+.

IFCI Limited stock closed at 24.35 with gain. In intraday stock hit high at 24.4 while low was near 23.5. For tomorrow, traders can buy this stock around 24, zone with Stop loss of 23.4 and for target 25.5 on upsides.

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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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