Nifty Banknifty and stocks forecast 3 January 2014
Nifty Jan. expiry future last closed at 6255 with 103 points loss. In Intraday NIFTY, future made low at 6246 while high was at 6408. Total almost 160 points intraday range and closed with loss.
On futures side, +1.47% open interest build up suggest fresh shorts created in market. On option side, 6300 put options closed in green on sharp short covering while 6400 call options closed in red on fresh writing and profit booking. Nifty tried to touch 6425 but as big players taken profit off the table we seen panic in market and price crash. Technically nifty is in overbought zone so expect some correction ahead on continues profit booking.
For tomorrow, traders must keep short view for nifty. 6300-6340 is shorting zone and now 6425 is strict Stoploss and expect downside upto 6100.
Bank Jan. expiry future last closed at 11,239 with loss of 262 points. In intraday BANK NIFTY, future hit high at 11,677 while low was at 11,220. Total 400 points intraday range and closed with loss.
On futures side, +4.62% open interest build up shows fresh short creation. On option side, 11,000 put options closed in green on high volume short covering. 12,000-call option tumbled in red on huge intraday profit booking.
For tomorrow, traders must keep short view for bank nifty future. Sell bank nifty future around 11,300-11,400 levels with strict Stoploss 11,650 and for targets 11,000 and then 10,800.
Today Hindalco Bharat Heavy Electricals Limited stock closed at 171 with almost 3% loss. In intraday stock hit high at 178 while closed near low of 168. For tomorrow, traders can sell this stock around 172-173, zone with Stoploss 180 and for target 160-155 on downside. Below 181 may show correction upto 150-155.