nifty banknifty CAIRN trading tips 21 Nov 2014

nifty banknifty CAIRN trading tips 21 Nov 2014

NIFTY Nov. expiry future last closed at 8423 with 15 points gain. In Intraday NIFTY, future made high at 8428 while low was at 8371. Total almost 60 points intraday range and closed with gain. On futures side, -2.61% open interest cut suggest strong short covering in last hours. On option side, 8400 put options writing was seen which is strong support on downside. From here, upside looks limited so keep sell on rise tardy for nifty future with strict stop loss as per your risk profile. On downside correction, retracement up to 8350 to 8300 is expected ahead.

BANKNIFTY Nov. expiry future last closed at 17,686 with gain of 49 points. In intraday BANK NIFTY, future hit high at 17,715 while low was at 17,565. Total 150 points intraday range and closed with gain. On futures, side -2.34% open interest cut suggests strong short covering. On option side 18,000 call options writing has been seen. For tomorrow, keep sell on rise strategy, with stop loss just above 18k levels for correction ahead.

India VIX active future closed with no trading activity.

Cairn India Limited stock closed at 266 with gain. In intraday stock hit high at 266 while low was near 258. For tomorrow, traders can buy this stock near 260 levels with strict stop loss 255 for targets 270.

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Pramod Baviskar

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