nifty banknifty HINDALCO outlook 30.12.2014

free nifty banknifty HINDALCO stock tips for 30.12.2014

Nifty future last closed at 8315 with gain of 42 points. In intraday nifty future hit high around 8356 while low was at 8285. Total 70 points intraday range and closed with gain. Outlook still bearish and nifty might test previous lows. Here keep sell on rise view with strict stop loss above 8380 spot. 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 18670 with loss of 76 points, in intraday banknifty future recorded high around 18870 while low was around 18666. Total 200 points intraday range and index closed with loss. On option side 19500, call options strong writing seen. On future side, +4% addition in open interest suggests short continue to add. 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 Hindalco Industries Limited. Today HINDALCO stock closed at 157 with gains. In intraday stock made high around 158 while low was around 152. For tomorrow, traders can sell HINDALCO stock around 160, zone with stop loss 165 for target 150+ in intraday.

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Pramod Baviskar

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