nifty banknifty BHEL stock tips 5 Jan 2015

Nifty future last closed at 8468 with gain of 125 points. In intraday nifty future hit high around 8470 while low was at 8352. Total 130 points intraday range and closed with gain. Nifty option side 8500 call option writing seen and on futures side 1.36% addition in open interest suggests buying. Nifty given bullish breakout above 8380 resistance and closed above it means trend reversal but still pattern still weak. Traders who have long positions must trail stop loss below 8380 and expect upside targets of 8490 to 8520.

Bank nifty future last closed at 19245 with gain of 340 points, in intraday banknifty future recorded high around 19284 while low was around 18917. Total 300 points intraday range and index closed with gain. On option side 19500, call options strong writing seen. On future side, +2.56% additions in open interest suggests buying. For intraday above 19,100 levels, keep long view on bank nifty future for target 19350 and above.

For Monday, our stock pick will be Bharat Heavy Electricals Limited. Today BHEL stock closed at 275 with gain. In intraday stock made high around 276 while low was around 269. For tomorrow, traders can buy BHEL stock around 272, zone with stop loss 268 for target 285+ in intraday.

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Pramod Baviskar

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