market outlook for tomorrow 11 june 2015

nifty banknifty and stocks tips for tomorrow

Nifty June expiry future today closed at 8119 with gains of 89 points. Nifty future still trading with 5 points discount shows low confidence of this recovery rally on short covering. Nifty bounce back from oversold zones. On downside 8055 is now support and stop loss for long trades. On upside 8125 and then 8305 are strong resistances for spot nifty on daily closing basis. Today we closed just below 8125. On option side 8000 put option writing suggesting strong psychological support is holding. For tomorrow 8055 is stop loss for long side with price targets 8200 to 8220 or option traders can buy 8100 call options for intraday gains. Below 8055 open fresh shorts for target 7920 or in that scenario option traders can use 8200 put options for buying and accumulation.

Banknifty Jun. expiry future today closed at 17670 with gains of 175 points. Banknifty also trading with 37 points discount showing under confidence of market in this recovery rally. Today market mostly rallied on short covering by strong hand and not on buying. On option side 18000 call option writing seen suggesting it will remain strong resistance. For tomorrow 17730 and 18240 are strong resistance on daily closing basis. 17550 is trailing stop loss for long positions. Watch 17730 level for breakout and if happen future traders can buy bank nifty future with stop loss for target 18240 or option traders can use 17800 call options for buying and accumulation.

Today in nifty 50, Cain and BHEL rallied almost 5 to 6%. Cairn bounce back from oversold level. In cairn India this is best buy and accumulate opportunity with 3 to 5 years view for targets above 300+. While IDEA and NMDC closed down by 1-2% on profit booking. In F&O market, MOTHERSUMI and cairn are top gainers while idea and nmdc were top losers. Bhushan steel seen 10% dip on strong profit booking on higher levels. While CHENNPETRO once again rallied 20% on news flow. NILKAMAL stock also given 14% returns in intraday.

For tomorrow intraday stock traders can buy AMBUJACEM stock around 225-224 with stop loss 220 for target 235+.

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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