nifty banknifty CAIRN trading tips for 22 dec 2014
Nifty future last closed at 8233 with gain of 52 points. In intraday nifty future hit high around 8277 while low was at 8226. Total 51 points intraday range and closed with gain. As expected bounce, back is extended up to 8250 to 8280. On upside 8300 is nifty spot 1-month average resistance and expect strong supply from market around that level. Outlook still bearish and nifty might test previous lows. Here keep sell on rise view with strict stop loss above 8300. For positional short sellers 8390 spot is stop loss. On downside, 8150 to 8000 remain as targets. Option traders can buy next month 8300 put option on decline with stop loss 8390.
Bank nifty future last closed at 18515 with gain of 126 points, in intraday banknifty future recorded high around 18600 while low was around 18447. Total 150 points intraday range and index closed with gain. On option side 18500, call options strong writing seen. On future side, -12.7% drops in open interest suggests short covering. For Monday below 18850, keep bearish or corrective view for banknifty future with strict stop loss in place.
For tomorrow, our stock pick will be Cairn India Limited. Today CAIRN stock closed at 240 with gains. In intraday stock made high around 243 while low was around 236. For tomorrow, traders can buy Cairn India stock around 238-237, zone with stop loss 232 for target 250+ in intraday.
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