Nifty future last closed at 8275 with loss of 65 points. In intraday nifty future hit high around 8357 while low was at 8260. Total 100 points intraday range and closed with loss as expected. Here keep sell on rise strategy and we seen below 8380 sharp supply from market on expiry day. Here if nifty gives closing below 8170 spot at end of dec 2014, then that will be very bearish signal for month of Jan 2015. Traders here watch at 8170 as crucial support. Option traders use 8400 put option for buying and accumulation. For day traders 8360 remain as stop loss for short positions.
Bank nifty future last closed at 18797 with loss of 2 points, in intraday banknifty future recorded high around 18900 while low was around 18710. Total 200 points intraday range and index closed with loss. On option side 18500, put options strong writing seen. On future side, +44.83% additions in open interest suggests rollovers. Here below 18,100 keep sell on rise view with strict stop loss.
For tomorrow, our stock pick will be State Bank of India. Today SBIN stock closed at 306 with loss. In intraday stock made high around 310 while low was around 305. For tomorrow, traders can sell SBI stock around 308-310, zone with stop loss 316 for target 295+ in intraday.
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