Nifty Banknifty and stocks forecast 16 Jan 2014

Nifty Banknifty and stocks forecast 16 Jan 2014

Nifty Jan. expiry future last closed at 6328 with 72 points loss. In Intraday NIFTY, future made low at 6336 while high was at 6267. Total almost 70 points intraday range and closed with gains.

On futures side, +2.59% open interest build up suggest long positions addition. On option side, 6200 put options closed in red on profit booking while 6300 call options closed in green on sharp short covering.

For tomorrow, traders must keep short view for nifty. Keep strict Stoploss at 6380 and expect downside target upto 6200.

Bank Nifty Jan. expiry future last closed at 11,143 with gains of 178 points. In intraday BANK NIFTY, future hit high at 11,199 while low was at 10,991. Total 210 points intraday range and closed with gains.

On futures side, -0.21% open interest build up shows cut suggest fresh short covering. On option side, 10,500 put options closed in red on high volume. Fresh writing and profit booking is seen there. 11,500 call options closed in green on short covering.

For tomorrow, traders must keep short view for bank nifty future. Keep strict Stoploss at 11,400 for target 10,800.

Today Ranbaxy Laboratories Limited stock closed at 420 with loss. In intraday stock hit high at 433 while closed near low of 416. For tomorrow, traders can buy this stock around 415, zone with Stoploss 405 and for target 445 on upsides.

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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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