nifty banknifty PNB tips for 23 dec 2014
Nifty future last closed at 8341 with gain of 101 points. In intraday nifty future hit high around 8345 while low was at 8237. Total 115 points intraday range and closed with gain. Nifty is heading towards 8380 spot level to test it. Outlook still bearish and nifty might test previous lows. Here keep sell on rise view with strict stop loss above 8380 spot. On option side we seen writing at 8300 call options while on futures side almost 10% drop suggest short unwinding. For tomorrow expect upside up to 8380-8400 and if close above it then must exit all short and keep long view for target 8500+. Technically, expecting strong supply from the market around 8380 spot level.
Bank nifty future last closed at 18807 with gain of 302 points, in intraday banknifty future recorded high around 18819 while low was around 18410. Total 450 points intraday range and index closed with gain. On option side 18500, put options strong writing seen. On future side, -9% drops in open interest suggests short covering. For tomorrow above 18,850, expect another bullish breakout for target 19,100.
For tomorrow, our stock pick will be Punjab National Bank. Today PNB stock closed at 224 with loss. In intraday stock made high around 226 while low was around 220. For tomorrow, traders can buy PNB stock around 220-222, zone with stop loss 215 for target 235+ in intraday.
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