NIFTY Jan. expiry future last closed at 6272 with 58 points loss. In Intraday NIFTY, future made low at 6247 while high was at 6338. Total almost 90 points intraday range and closed with loss.
On futures side, -5.47% open interest shed suggest sharp profit booking pressure. On option side, downside shift and put options rising open interest suggest panic profit booking.
For tomorrow, traders above 6250 keep long view and expect higher target for nifty future. On upside expect resistances at 6340-6380.
BANKNIFTY Jan. expiry future last closed at 10,937 with loss of 175 points. In intraday BANK NIFTY, future hit high at 11,103 while low was at 10,902. Total 200 points intraday range and closed with loss.
On futures side, +6.46% open interest build up shows strong short addition. On option side, strong OI at 11,000 put options suggest bearish view of market.
For tomorrow, traders must watch 10,800-10,900 zones for bank nifty if close below that expect deep downside up to 10,000 to 9,500. However, if holds then sharp bounce back on short covering is expected here.
Tata Power Company Limited stock closed at 78.3 with gain. In intraday stock hit high at 80 while low was near 78. For tomorrow, traders can buy this stock around 77, zone with Stop loss of 75 and for target 82 on upsides.