Nifty banknifty and stocks tips 22 May 2014

Nifty banknifty and stokcs tips 22 May 2014

Nifty banknifty and stocks tips 22 May 2014

 

NIFTY May expiry future last closed at 7275 with 26 points loss. In Intraday NIFTY, future made high at 7317 while low was at 7235. Total almost 80 points intraday range and closed with loss on profit booking. On futures side, +6.3% open interest build up suggest fresh short addition. On option side, 7300 call options writing was seen which is upcoming resistance. For tomorrow traders below 7350 keep sell on rise view for downside targets of 7200 to 7100. Correction is expected and global cues now start making there points.

 

BANKNIFTY May expiry future last closed at 15,010 with loss of 193 points. In intraday BANK NIFTY, future hit high at 15,244 while low was at 14,931. Total 310 points intraday range and closed with loss. On futures, side +4.19% open interest build up suggest short addition. On option side 15,500 call options writing has been seen. For tomorrow, below 15,500 keep sell on rise view for bank nifty and expect correction up to 14,800 to 14,500.

 

India VIX active future last closed at 1800 with almost 11 points loss. In intraday NVIX hit high at 1850 while low was at 1771. Total 80 points intraday range and closed with loss on fresh selling. On futures, side 27,550 open interest addition seen. For short-term view, vix is now oversold so follow buy and accumulate strategy for short covering rally ahead.

 

Bharat Petroleum Corporation Limited stock closed at 558 with loss. In intraday stock hit high at 565 while low was near 550. For tomorrow, traders can sell this stock near 560-565 levels with strict stop loss 578 for targets 530.

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Pramod Baviskar

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