nifty banknifty ONGC premarket analysis 9 jan

free stock market trading tips for 9 January 2015

Nifty future last closed at 8255 with gain of 113 points. In intraday nifty future hit high around 8274 while low was at 8193. Total 80 points intraday range and closed with gain. Nifty option side 8300 call option writing seen and on futures side -4.9% cut in open interest suggest strong short covering. For tomorrow, expect rally to extend up to 8290 spot. If nifty gives closing above it then positional trader must keep long view on market for January series. Option traders keep buy and accumulate view on 8200 call options with stop loss.
Bank nifty future last closed at 18779 with gain of 373 points. In intraday banknifty, future recorded high around 18825 while low was around 18571. Total 300 points intraday range and index closed with gain. On option side 19000, call options strong writing seen. On future side, -1.75% cut in open interest suggests short covering by strong hands. For tomorrow, future trader’s above 18,700 keep long view for target 18,950 to 19,100. Option traders keep buy and accumulate view on 18500 call options with trailing stop loss.
For tomorrow, our stock pick will be Oil & Natural Gas Corporation Limited. Today ONGC stock closed at 340 with gain. In intraday stock made high around 343 while low was around 335. For tomorrow, traders can buy ONGC stock around 338-335, zone with stop loss 329 for target 355+ in intraday. Positional traders can buy ONGC stock for target 380 with stop loss 320.

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Pramod Baviskar

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