Market outlook 3 Nov. 2014
NIFTY Nov. expiry future last closed at 8355 with 157 points gain. In Intraday NIFTY, future made high at 8358 while low was at 8254. Total almost 104 points intraday range and closed with gain. On futures side, +11.89% open interest build up suggest strong long addition. On option side, 8400 call options writing was seen. For Monday, 8335 spot is major resistance if gives closing above it then nifty will enter super bullish trend and may show 8480 to 8670 targets on spot nifty. Correction may take nifty up to 8000 levels.
BANKNIFTY Nov. expiry future last closed at 17,145 with gain of 315 points. In intraday BANK NIFTY, future hit high at 17187 while low was at 16845. Total 350 points intraday range and closed with gain. On futures, side +6.94% open interest build up suggest strong long addition. On option side 17500 call options writing has been seen. For Monday, keep watch 17k support zone.
India VIX active future closed with no trading activity.
DLF Limited stock closed at 124 with loss. In intraday stock hit high at 127 while low was near 122. For tomorrow, traders can buy this stock near 120 levels with strict stop loss 115 for targets 130.