nifty banknifty premarket view : consolidation and correction

Nifty future closed at 8380 with gains of 28 points. Today we seen high near 8400 as expected nifty is heading towards 8420-8450 band. Today 9% cut in open interest suggesting short exiting from market near expiry. 8400 call option writing continue and that will remain strong intraday hurdle. For tomorrow expect correction and consolidation. Above 8310 spot on closing basis keep long view and closing below that might boost bearish sentiment so trader with strict stop losses in place.
Bank nifty future closed at 18400 with 80 points gain. In intraday banknifty future hit high near 18480 while low was at 18255. Here 18240 spot is major levels and above it expect buying strength in market. 12% plus drop in open interest suggest some short covering near June expiry. Option side 18500 call option writing continues and that level will remain strong hurdle for intraday.
Today in nifty 50, CIL and PNB closed with almost 4% gains. While INFY and HEROMOTOCO closed with loss over 2%. In F&O, ADANIPOWER and UNIONBANK closed with 7 and 5% respectively. While JPASSOCIAT lost 5% and SUNTV closed down with 3% loss.
For tomorrow, free stock tips will be AXISBANK. Sell AXISBANK stock for intraday around 580 with 595 stop loss and for intraday target 540.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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