nifty banknifty INFY trading tips 17/12/2014

nifty banknifty INFY trading tips 17/12/2014

Nifty future last closed at 8118 with loss of 150 points. In intraday nifty future hit high around 8227 while low was at 8101. Total 130 points intraday range and closed with loss. Strong sell-off on weak rupee and global turmoil and nifty entered into very bearish momentum for now. As suggested in monthly forecast below 8180 we will see margin calls and which is already experienced by market today. On option, side 8100 put options writing was seen today. On future side, 1.72% open interest build up suggest short addition in market. From month of December nifty spot below 8180 will remain sell and with very bearish momentum. On downside, 8050 to 7900 will be possible targets if trend persists.

Bank nifty future last closed at 17920 with loss of 566 points, in intraday banknifty future recorded high around 18422 while low was around 17843. Total 600 points intraday range and index closed with loss of 566 points. On option side 18500, call options strong writing seen. On future side, 5% addition seen on short side. For tomorrow, traders can go short on bounce back for target 17800 and below.

For tomorrow, our stock pick will be Infosys Limited. Today INFY stock closed at 1936 with gains. In intraday stock made high around 1951 while low was around 1925. For tomorrow traders can buy INFY stock around 1920-1930, zone with stop loss 1890 for target 2000+ in intraday. Here on weak rupee expect primary trend to resume for long-term target of 2250.

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Pramod Baviskar

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