Nifty banknifty F&O outlook 23 sep 2014

Nifty banknifty F&O outlook 23 sep 2014

NIFTY Sep. expiry future last closed at 8153 with 22 points gain. In Intraday NIFTY, future made high at 8176 while low was at 8067. Total almost 105 points intraday range and closed with gain. On futures side, -13% open interest cut suggest trapped shorts covering. On option side, 8100 put options writing was seen which is strong support on downside. For tomorrow, traders above 8080 keep buy on dips view with strict stop loss below 8050 for target 8240. Option traders use 8000 call option for buy on decline and accumulation with same stop loss.

BANKNIFTY Sep. expiry future last closed at 16,187 with gain of 27 points. In intraday BANK NIFTY, future hit high at 16,288 while low was at 16,015. Total 275 points intraday range and closed with gain. On futures, side -4.01% open interest cut suggests short covering. On option side 16,000 call options writing has been seen. For tomorrow, traders above 16k follow buy on decline view with stop loss below 16k for target 16350 and above. Option traders can follow it for 16k call options with same stop loss

India VIX active future last closed at 1190 with almost 50 points loss. In intraday NVIX hit high at 1260 while low was at 1190. Total 70 points intraday range and closed with loss. On futures, side 5500 open interest seen. For tomorrow, stay short with stop loss 1240.

HDFC Bank Limited stock closed at 855 with loss. In intraday stock hit high at 858 while low was near 851. For tomorrow, traders can buy this stock near 850 levels with strict stop loss 840 for targets 875.

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