Market forecast 8th November
Nifty future outlook 8 Nov 2013
nifty nov expiry future last closed at 6226 with loss of 33 points.in intraday nifty future made high at 6338 while low was at 6221.total 117 points intraday range and closed in red as panic profit booking triggers in market.6320 target also get achieved in intraday.
on futures side,3.47% drop in open interest shows sharp selling in late session by strong hands.on option side,6200 put option continue to gain while 6400 call option writing continues.
for tomorrow expect some downside but keep buy on dips view with stoploss.on upside 6300 once again can be expected.
Banknifty future outlook 8 Nov 2013
banknifty nov expiry future last closed at 11129 with loss of 248 points.in intraday banknifty future made high at 11496 while low was at 11120.almost 400 points intraday range and closed with loss on sharp profit booking.
on futures side,0.78% open interest build up shows fresh shorts added in system.while on option side,11k put option continue to gains on high volume buying.while 12k call option closed in red as writers taking heavy action there.
for tomorrow,below 11300 keep bearish view but watch 10800 support zone if sustain there then must buy with medium term time horizon.
Intraday Stocks Tips 8 Nov 2013
for tomorrow my pick will be Bank of Baroda share.today BANKBARODA stock closed at 603.5 with loss of 6.19%.in intraday made high at 644 while low was at 601.here traders must buy near 595-598 zone with stoploss of 585 and for upside target 630+ in intraday.