nifty banknifty GAIL forecast 24 nov 2014

nifty banknifty GAIL forecast 24 nov 2014

NIFTY Nov. expiry future last closed at 8488 with 68 points gain. In Intraday NIFTY, future made high at 8512 while low was at 8412. Total almost 100 points intraday range and closed with gain. On futures side, -2.10% open interest cut suggest strong short covering from trapped traders. On options side, 8500 call option writing seen. Here expect upside up to 8550 but overall outlook remain bearish and strategy should be sell on rise with strict stop loss. Option traders can use 8600 put option for buy and accumulate on decline. From medium term, 8270 is support on downside and in upcoming weeks expect this level to be tested by nifty spot.

BANKNIFTY Nov. expiry future last closed at 18,110 with gain of 431 points. In intraday BANK NIFTY, future hit high at 18,161 while low was at 17720. Total 400 points intraday range and closed with gain. On futures, side +4.62% open interest build up suggest strong long addition. On option side 18,000 call options writing has been seen. Here expect upside up to 18,250 in intraday but correction is still expected ahead. On downside 16,800 is medium term support zone.

India VIX active future closed with no trading activity.

GAIL (India) Limited stock closed at 475 with gain. In intraday stock hit high at 483 while low was near 469. For tomorrow, traders can buy this stock near 470 levels with strict stop loss 460 for targets 490.

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Pramod Baviskar

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