Market forecast 7 November
Nifty future outlook 7 Nov 2013
nifty nov expiry future last closed at 6263 with loss of 35 points.in intraday nifty future made high at 6307 while low was at 6252.total 55 points intraday range and closed in red as expected.
on futures side,3.95% open interest sheds shows fresh shorts are accumulated again.on option side,6200 put option continue to gains on high volume buying while 6400 call option closed in red on high volume writing.
for thursday,6200 is strong support and above it traders expect a short covering rally upto 6320.so buy near 6240-6230 zone with stoploss at 6198 for target 6320+.
Banknifty future outlook 7 Nov 2013
banknifty nov expiry future last closed at 11387 with loss of 208 points.in intraday banknifty future made high near 11619 while low was at 11360.total 260 points intraday range and closed with loss as expected.
on futures side,0.39% drop in open interest shows strong shorts added in system.while on option side,11k put option continue to gains on high volume buying while 12k call option tumbled as writers are active there.
for thursday,11100 is strong support and look oversold.so buy near 11250-11200 zone with stoploss below 11100 for upside bounce back upto 11650+.
Intraday Stocks Tips 7 Nov 2013
for tomorrow my pick will be ITC Limited share. today ITC stock closed at 319 flat positive.in intraday ITC stock made high near 322 while low was near 317.for 7th November traders can buy ITC stock around 318 with stoploss at 310 and for target 330+ in intraday.