nifty banknifty ITC trading tips for 12 dec 2014

nifty banknifty ITC trading tips for 12 dec 2014

Nifty future last closed at 8346 with loss of 60 points. In intraday nifty future hit high around 8394 while low was at 8316. Total 80 points intraday range and closed with loss. Strong sell-off or profit booking rally continues as expected. We seen levels below 8400 and now nifty is heading towards support zone of 8180. Here for intraday keep sell on rise view. Trailing stop loss is at 8460. Option traders use 8500 put options for the same.

Bank nifty future last closed at 18502 with loss of 105 points, in intraday banknifty future recorded high around 18630 while low was around 18306. Total 300 points intraday range and index closed with loss. On option side 19k, call options strong writing seen. On future side, -3.42% drops in open interest suggests profit bookings by strong hands. For tomorrow, 18650 is trailing stop loss for banknifty for target 18300 to 18200. For option traders 18,500 put options will be best pick for intraday with same stop loss.

For tomorrow, our stock pick will be ITC Limited. Today ITC stock closed at 395 with gains. In intraday stock made high around 398 while low was around 390. For tomorrow traders can buy ITC stock around 390-392, zone with stop loss 385 for target 405+ in intraday. This fresh momentum rally ahs its target around 430-440 levels which can be expected in Jan-feb 2015.

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Pramod Baviskar

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