Nifty & Tata Steel prediction for 31'th Dec

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We expect selling pressure to emerge on initial trades (First half before 12:00). Reliance & HDFC might give support to Nifty. Let recovery expected on closing basis.

 

We expect Nifty & Nifty stock to move towards southward movement after F&O expiry. So positional traders can built short position to gain profit. If traders want to build sell position he shld sell first few lots @ 5220 then @ 5240 & last lots around 5270-5287. Although we are writing to sell nifty around 5270-5287 but vary few chances to trade there (on expiry chance shld taken). Nifty positional sell shld hold with stop loss of 5340 with target of 5070.

 

Tata Steel closed @ 617. Positional traders can build short position to gain profit. If traders want to built sell position he shld sell first few lots @ 620 then @ 623 & last lots around 625-627. Tata Steel positional sell shld hold with stop loss of 635 with target of 608.

 

DERIVATIVE CUES :-

 

Nifty (December) future has turned into a discount of 0.90 points from a premium of 6.25 points and 22,200 shares were reduced in open interest. Total open interest in the market was Rs128,678 crore and Rs769 crore were reduced in open interest. Nifty call option added 12.55 lakh shares in open interest, put option shed 14.50 lakh shares in open interest. Volumes in Nifty future were marginally higher than the previous trading volumes. Around 22,200 shares were reduced in open interest with decrease in the cost of carry, indicating profit booking at higher levels. On the option front, implied volatility has remained almost flat pointing towards uncertainty in market in the wake of expiry of December future contracts.

 

Tata Chemicals (22%), Piramal Healthcare (18%), Bajaj Auto (16%), Indian Hotels (15%) and Dabur India (15%) were the top open interest gainers in the market. Indian Bank (-15%), Kingfisher Airlines (-14%), GMR Infrastructure (-13%) and Aban Offshore (-10%) were the top open interest.

Tata Steel ADVANCE SCIENTIFIC Chart 31'th Dec 2009 :-

(Forecasting to happen during Trading Hours)

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