Market forecast for 29 Jan 2014

Market forecast for 29 Jan 2014

29 Jan 2014 premarket trading tips for Nifty, Bank nifty and stocks

NIFTY Jan. expiry future last closed at 6142 with 6 points loss. In Intraday NIFTY, future made low at 6086 while high was at 6171. Total almost 90 points intraday range and closed with loss.

On futures side, -14.62% open interest shed suggest sharp profit booking pressure. On option side, strong writing was seen at 6100 put options, which will serve as strong support.

For tomorrow, buy nifty future near 6100 with stop loss below 6050 for target 6200 in intraday.

BANKNIFTY Jan. expiry future last closed at 10,602 with loss of 8 points. In intraday BANK NIFTY, future hit high at 10,780 while low was at 10,393. Total 500 points intraday range and closed with loss.

On futures side, +11.96% open interest build up shows strong short addition. On option side, heavy writing was seen at 11,000 call options suggesting expiry below 11k. ?

For tomorrow, traders must watch 10,500 as support if sustain above it then buy for 200-300 points short covering rally. Below 10,500 next targets still remain at 9800.

Bharti Airtel Limited stock closed at 307.2 with gain. In intraday stock hit high at 309 while low was near 302. For tomorrow, traders can buy this stock around 305, zone with Stop loss of 298 and for target 318 on upsides.

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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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