free stock market trading tips for 8 January 2015
Nifty future last closed at 8154 with loss of 4 points. In intraday nifty future hit high around 8184 while low was at 8096. Total 90 points intraday range and closed with loss. Nifty option side 8300 call option writing seen and on futures side -2.31% cut in open interest suggest profit booking. For tomorrow, expect bounce back up to 8250 to 8290. On downside 8090 is support and stop loss for opportunistic long positions. Any daily closing above 8290 spot and if sustain above it will change trend to bulls side for month of Jan 2015 so traders must keep close watch for that. For intraday, option traders use 8100 call option for buying and accumulation with strict stop loss in place.
Bank nifty future last closed at 18473 with loss of 48 points. In intraday banknifty, future recorded high around 18592 while low was around 18306. Total 250 points intraday range and index closed with loss. On option side 19000, call options strong writing seen. On future side, +1% additions in open interest suggests buying. For tomorrow, future trader’s can expect upside up to 19,000 for banknifty future. Option traders use 18500 call options for buying and accumulation with strict stop loss.
For Monday, our stock pick will be Hindalco Industries Limited. Today hindalco stock closed at 149 with loss. In intraday stock made high around 154 while low was around 146. For tomorrow, traders can buy hindalco stock around 145, zone with stop loss 140 for target 155+ in intraday.
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