nifty above 8598 remain bullish target 8740

free stock market tips for tomorrow 17 jul 2015

Nifty July future today closed at 8630 with gain of 88 points. In intraday nifty fut high around 8633 while low was at 8541. Total 90 points intraday rally and closed with strong gains. 4% open interest addition suggest strong hand buying. Option side 8500 put option writing suggest fresh support formation at 8500 level. For tomorrow above 8598 spot keep long view for target 8740 so future above 8590 keep long view for target 8750. In intraday 8660 and 8700 will be target zones. Option traders use 8500 call option for buying and accumulation with same stop loss.
Banknifty July future today closed at 19227 with gain of 350 points. In intraday banknifty hit high around 19250 while low was at 18886. Total 350 points intraday rally and fresh breakout on weekly chart. 9% open interest addition suggests heavy buying from strong hands. Option side 19500 call option writing continues and remain as major resistance area. For tomorrow above 19140 keep long view for target 19450 and above. Banknifty might touch 19800 level in medium terms.
Today in nifty 50 stocks, KOTAKBANK and AXISBANK rallied by 5% plus. While NMDC and VEDL continue to remain weak with loss of almost 2%. In F&O segment, RECLTD and TATACHEM gained by 6% while SOUTHBANK lost 6% on bad result. And JSWENERGY lost 3% on profit booking continuation. In buzzing stocks, EVERESTIND lost 9% on bad news flow. FEDDERLOYD and ADHUNIK locked up to 20% circuit.

For tomorrow free intraday tips will be for POWERGRID. Buy stock around 139 with stop loss 136 for target 145+. With stop loss of 132 positional traders can take long positions for target 156.

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Pramod Baviskar

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