Nifty banknifty AMBUJACEM analysis 22 oct 2014

Nifty banknifty AMBUJACEM analysis 22 oct 2014

NIFTY Oct. expiry future last closed at 7947 with 51 points gain. In Intraday NIFTY, future made high at 7959 while low was at 7890. Total almost 70 points intraday range and closed with gain. On futures side, +3.44% open interest build up suggest strong long addition. On option side, 7900 put options writing was seen which is strong support on downside. For tomorrow, traders expect 7995 level and if nifty sustain above then expect sharp short covering rally up to 8100 to 8250. Option traders keep buy on decline view for 7900 call options.

BANKNIFTY Oct. expiry future last closed at 16,475 with gain of 228 points. In intraday BANK NIFTY, future hit high at 16,490 while low was at 16270. Total 250 points intraday range and closed with gain. On futures, side +7.13% open interest build up suggest strong long addition. On option side 16,500 call options writing has been seen. For tomorrow, stay long with strict stop loss below 16,200.

India VIX active future last closed at 1333 with almost 152 points gain. In intraday NVIX hit high at 1381 while low was at 1333. Total 50 points intraday range and closed with gain. On futures, side +150% open interest addition seen. For tomorrow, stay short with stop loss 1380.

Ambuja Cements Limited stock closed at 213 with gain. In intraday stock hit high at 214 while low was near 212. For tomorrow, traders can buy this stock near 210 levels with strict stop loss 204 for targets 222.

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Pramod Baviskar

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