Market Report 31 October 2013
Nifty future outlook 31 oct 2013
nifty oct expiry future last closed at 6255 with gains of 26 points.in intraday nifty future made high at 6276 while low was at 6222.total 54 points intraday range and closed with gains.inching towards my given target of 6325.
on future side,-14.60% drop in open interest shows trapped shorts exiting from market with losses.on option side writers now active on 6200 put option while 6300 call option gains on buying interest.
for tomorrow,buy near 6240 with stoploss 6200 and for target 6325 and then 6380 on upside.
Banknifty future outlook 31 oct 2013
banknifty oct expiry future last closed at 11250 with gains of 1 point.in intraday banknifty future made high at 11441 while low was at 11200.total 241 points intraday range and closed flat.
on futures side,-24.06% drop in open interest is clear indication that trapped shorts exiting from market with heavy losses.on option side,11k put option heavy writing continues.while 11500 call option closed with loss on profit booking.
for thursday on expiry day,expect another short covering bout.so stay long and buy near 11200 with stoploss of 10990 and for target 11500-11800 on upside.
Intraday Stocks Tips 31 oct 2013
for tomorrow my pick will be Cairn India Limited share. today CAIRN share closed flat at 315.9.in intraday made low at 314 while high was at 317.65.for tomorrow,buy near 313-314 zone with stoploss 308 and for target 330+.