Market outlook-6100 will remain as breakout resistance

Market outlook

Nifty future outlook 18 Nov 2013

nifty nov expiry future last closed at 6088 with gains of 55 points.in intraday nifty future made high at 6138 while low was at 6071.total 67 points intraday range and closed with gains as expected.

on futures side,-4.94% open interest sheds shows that trapped shorts exited with losses.on option side,6100 put option closed with loss as hit by profit booking.while 6200 call option is closed with gains as writers covers positions.

for monday,watch 6100 level if opens or givens breakout above this level then only buy with stoploss at 6050 and for target 6150-6180.below that expect correction and consolidation.

Banknifty future outlook 18 Nov 2013

banknifty nov expiry future last closed at 10871 with gains of 270 points.in intraday banknifty future made high at 10939 while low was at 10749.total 200 points intraday range and closed with gains as expected.

on futures side,10.06% open interest shed shows sharp short covering and trapped shorts exits.10500 put option closed with loss on profit booking.while 11k call option closed with gains on short covering.

for Monday,10900 will be breakout resistance and traders must buy above this level for target 11300-11500.on downside 10600 is now act as support.

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Intraday Stocks Tips 18 Nov 2013

for today my pick will be Ambuja Cements Limited share. on last trading session ambujacem stock closed at 176.2 with gains.for monday,traders can buy ambujacem stock around 175-174 zone with stoploss 170 and for target 185.

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