nifty banknifty TATAPOWER trading tips for 3/12/2014
Nifty future closed at 8575 with loss of 21 points. Intraday we seen lower level up to 8540 as expected but nifty recovered on late buying and closed near high of 8601. Open interest also drop by 2.51% suggesting profit booking pressure on market. For tomorrow, traders can buy nifty future around 8540-8550 with stop loss below 8500 for target 8620. On option side, traders can buy 8500 call option with same stop loss for intraday gains.
Banknifty future closed at 18650 with 3 points gains. Today bank nifty future made high at 18714 while low was at 18404. Total 300+ points intraday range is seen and closed with gain on late buying. Positive open interest builds up of almost 7% seen. For tomorrow, traders above 18,500 keep buy on dips view for target 18,850. 18300 is stop loss for short-term traders. Option traders now follow buy and accumulate strategy for 18,500 call options with strict stop loss.
Indian vix future closed at 1239 with loss of 235 points. In intraday vix, future had shown 105 points downside rally on fresh selling. Here expect record low levels on fresh reversal signal in market.
Tomorrow’s stock pick will be TATAPOWER. Today stock is closed at 90.6 with gains. In intraday traders can buy this stock around 89-90 with stop loss 86 for target 96+. For short terms, we can expect 102 to 105 levels here. For short-term traders 85 is closing basis stop loss.