Market forecast for 28 January 2014

Market forecast for 28 January 2014

Nifty-Bank nifty and stock Premarket trading strategy

NIFTY Jan. expiry future last closed at 6152 with 124 points loss. In Intraday NIFTY, future made low at 6142 while high was at 6210. Total almost 68 points intraday range and closed with loss.
On futures side, -21% open interest shed suggest sharp profit booking plus fresh short addition. On option side, high volume writing is seen at 6200 call options.
For tomorrow, expect some bounce back because of short sellers profit booking. Nevertheless, below 6210 keep short view for target 6100 and below. My given target of 6185 is achieved with gap down opening in morning.
BANKNIFTY Jan. expiry future last closed at 10,555 with loss of 440 points. In intraday BANK NIFTY, future hit high at 10,850 while low was at 10,536. Total 350 points intraday range and closed with loss.
On futures side, +11.4% open interest build up shows strong short addition. On option side, huge writing is seen at 11,000 call options.
For tomorrow, traders expect some technical bounce back from oversold zone and some consolidation. Closing below 10,500 will set target at 9,800 for Bank nifty spot index.
Jaiprakash Associates Limited stock closed at 40.25 with loss. In intraday stock hit high at 46 while low was near 39.75. For tomorrow, traders can buy this stock around 40, zone with Stop loss below 39 and expect technical bounce back up to 43.

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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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