free market trading tips for 16 January 2015
Nifty future last closed at 8489 with gain of 182 points. In intraday nifty future hit high around 8564 while low was at 8427. Total 140 points intraday range and closed with huge gains. Nifty option side 8500 call option writing seen and on futures side +17.46% addition in open interest suggest strong hand buying. For tomorrow, above 8290 spot keep buy on dips view and nifty now for month of January has target at 8650 spot. This is technical target but as world finance still in trouble I keep, bearish view for medium to long terms and keep sell on rallies view. Option traders can buy and accumulate in 8300 call option for expiry.
Bank nifty future last closed at 19219 with gain of 530 points. In intraday banknifty, future recorded high around 19400 while low was around 19115. Total 300 points intraday range and index closed with huge gains at fresh high. On option side 19500, call options strong writing seen. On future side, -3.98% cut in open interest suggests strong short covering. For tomorrow, future trader’s can expect 19300 and if close above it then 19800 as targets for banknifty futures.
For tomorrow, our stock pick will be Tata Steel Limited. Today TATASTEEL stock closed at 381 with gain. In intraday stock made high around 388 while low was around 372. For tomorrow, traders can buy TATASTEEL stock around 378-380, zone with stop loss 370 for target 405+ in intraday.
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